What are “Know Your Customer” Obligations?

“Know Your Customer” (KYC) obligations require Spar to collect and maintain information on all Spar account holders who cash out. These requirements come from our regulators and financial partners, and are intended to prevent abuse of the financial system.

What details do you need to collect? 

The exact rules vary by country, but we typically need to collect details on:

  1. The individual individual out their Spar balance
  2. Any individuals who ultimately own or control the Spar account

If you cash out on Spar directly, we will prompt you to provide the details required in your country. Users located internationally will usually be required to supply more detailed information.  We may also reach out periodically to confirm that information on your account is still accurate. 

If you would like to update the details associated with your existing Spar account, please log in to this website to let us know which information needs to be changed.

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