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I was under the impression that banks were required to know their customers, which at least until this point has basically required you to visit a physical offi
by anilakar 7y ago
I was under the impression that banks were required to know their customers, which at least until this point has basically required you to visit a physical office with a passport and answer the standard anti-laundering questionnaire. This pretty much has meant that these online-only banks have been illegal to operate. Apparently the "FinTech" boom has resulted in a new low...
- AdrianB1 7y agoThey require a passport photo. The anti-laundering part is in the requirements for proof of income, but only for significant amounts in the account or transactioned. For a couple of hundred euro per month they don't ask that.
- matthewmacleod 7y agoNo physical presence is required to meet those standards; online-only banks have existed for absolutely ages. The Monzo process for example involved a picture of your passport and a short video.