What is the 5th EU Anti-Money Laundering Directive (AML5) and how does it affect me?

Due to a new EU regulation (AML5) coming into effect on the 10th of January 2020, Bitpanda users are required to verify their Bitpanda accounts.

What do I have to do?

If you are already verified, you only have to answer the Know Your Customer (KYC) questions once before login when prompted. You can then use all of our services as usual again, without further action required from your side.

If you are not verified and want to keep using Bitpanda and all our Bitpanda services as usual and access your funds after the 10th of January 2020, you need to verify your account.

Note: Please note that if you do not verify your account, you will no longer be able to access your funds on Bitpanda after the 10th of January 2020.

Tip: We strongly recommend not to wait with your verification until the very last moment, as this may result in complications with your account.

What if I cannot verify?

If you do not want to verify or you cannot verify due to the fact that you do not have an accepted document for verification, we kindly ask you to withdraw all your funds before the 10th of January 2020, as you will no longer be able to access your funds after that date if you are not verified.

For further information on how to withdraw your funds, please check the following articles:

Are there any alternatives?

We understand that this might be frustrating but there is no alternative or workaround that we can offer. We apologise for any inconvenience this may cause.

Note: We will not process any tickets related to complaints about the regulation (or why certain documents are not accepted for verification). Furthermore, we do not provide any alternative verification methods and we will not verify your account manually. The only way to verify your account is through our partner services and there is nothing we can do to complete your verification if our partner services are unable to verify your account.

Why do I have to answer these questions?

Since the 10th of January, 2020, companies in the European Union, such as Bitpanda, have been legally obliged to obtain a minimum amount of information from their users. This helps to prevent money laundering and terrorist financing, and is commonly referred to as Know Your Customer (KYC) practice.

In accordance with legal obligations, we must therefore ask you to answer these questions once before you log in. Unfortunately, there is no way to avoid this process, also if you contact us regarding this topic.

The list of questions is very short and can be completed in a few minutes. Please rest assured that your data will be treated with the utmost security and confidentiality. Once you have answered the questions, you will be able to use Bitpanda as usual again.

What else do I need to do?

Please note that all transactions via Bitpanda may require proof of funds to be provided upon request. 

General troubleshooting

If you happen to own a document from the list of accepted documents for verification but you are having trouble verifying, find out what you can do if you are experiencing problems with your verification.

Unfortunately, there is nothing we can do to complete your verification if our partner services are unable to verify your account.