What is KYC documentation and why is it necessary?
KYC (Know Your Customer) documentation refers to the identity verification process that allows us to verify that our customers' personal and billing data is real and complies with current legal requirements.
At AvaiBook, this procedure is essential, as we act as a payment platform, managing collections and making payments through our payment institution. In order to process any transaction, it is imperative that each customer has completed and verified their KYC documentation.
This requirement is regulated by the Law on the Prevention of Money Laundering and Terrorist Financing (2010) and is required to comply with the regulations in force by the Bank of Spain and SEPBLAC (Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offences).
Why is it important to verify my data?
Every time you transact with AvaiBook, we need to check that your billing details match the documents submitted in your KYC verification. This allows us to:
Comply with current regulations.
Prevent fraud and illicit operations.
Ensure a transparent, secure and reliable relationship between client and platform.
Process your payments correctly and without delays.
What documents do I need to provide?
The required documents depend on the type of user profile you have on AvaiBook. There are three possible profiles:
Individual
Self-employed
Company
You can consult the complete list of documentation required for each profile in the following article: What documents do I need to provide according to my type of user?
How long does it take for my documentation to be reviewed?
Once you have successfully attached the required documents, our Backoffice/Finance team will review them within an estimated 24-48 business hours.
What happens if I don't file KYC documentation?
This KYC validation process is necessary to comply with the rules of the Bank of Spain and SEPBLAC (prevention of money laundering), so not submitting KYC documentation can lead to consequences such as:
Delays in outstanding payments.
Temporary blocking of transactions.
Suspension of access to certain features of the platform.
Deadlines for submitting documentation
Depending on your situation, these are the set times:
Level A: You have 15 days to provide your documentation with no restrictions on access or payments.
Level B: You also have 15 days, but payments will be paused until your documentation is completed and validated.
KYC verification is mandatory to trade with AvaiBook. It's essential that your billing information matches the documents you provide, as the review process can take 24-48 hours. Failure to submit this documentation may result in delays or blockages in payments. You have 15 days to submit documents, although restrictions may apply depending on your assigned level.
To find out how to complete your KYC documentation in your profile, please refer to the following article: How do I complete my KYC?