Customer due diligence process is an integral part of any financial service. If you have already opened a personal account at Bankera, you probably have noticed that our service offers three different levels of verification. In this blog post, we will take a closer look at the significance of client verification and explain the advantages of having a tiered authentication structure.
The importance of the verification process
The main purpose of client verification procedures is the minimization of money laundering and terrorist financing risks. At Bankera, we follow the latest Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) directives to ensure that our services remain protected against any illegal activity.
The main instrument to guarantee due diligence of our clients is the customer verification process, otherwise known as the Know Your Customer (KYC) process. It includes providing basic personal information, submitting identity documents, and filling out a questionnaire. The verification steps are designed to check every aspect of the client’s information to ensure that the AML/CTF requirements are followed properly.
While compliance procedures can seem like a hassle to customers, they are far more complicated for the financial institutions themselves. The cost of non-compliance, however, is simply too high. Financial institutions that do not comply with the regulatory requirement can face sanctions or be forced to discontinue providing its services.
Personal account verification levels
We understand that going through the whole verification process at once might be tiring and inconvenient. Therefore, our KYC process is tiered — it has three levels of verification. The first level of verification is obligatory for every user of Bankera, as it unlocks the services. Two additional Bankera verification levels can be completed at any preferred time to enjoy higher operational limits.
Basic verification – provide your identity documents and answer a few basic questions about yourself to start using our services and unlock a 1,000 EUR annual turnover limit.
Advanced verification – answer a few additional questions to gain access to a higher turnover limit – 1,000 EUR per month.
Full verification – complete the rest of the questionnaire to unlock full access to our services.
Standard operational limits
There are no limits on transactions for fully verified clients. However, for security reasons, there are standard operational limits, which can be lifted if required.
We would like to underline that Bankera’s services are flexible — we can find a solution for every client. If you would like to have your operational limits increased, contact us at [email protected] — our team will be glad to help.
Bankera wallet platform is managed by Era Finance Ltd as an authorized agent of UAB Pervesk, a company holding an Electronic Money Institution License supervised by the Bank of Lithuania.