Yes, you are correct, you only really need proof of address once you start offering credit (running hard credit check). And you're also correct in terms of AML

Yes, you are correct, you only really need proof of address once you start offering credit (running hard credit check). And you're also correct in terms of AML - once a person crosses over a certain threshold or raises and risk alarms, they'll be required run further AML checks. Eg. if you were to signup to Monzo and then put 50 grand in there from a foreign account. What Monzo has to do since they are new, is keep a squeaky clean record with the authorities. This is why Monzo usually blocks or even bans anyone that buys Cryptocurrency eg: https://www.reddit.com/r/monzo/comments/avdw8o/notice_regarding_cryptocurrency_trading/ https://www.reddit.com/r/monzo/comments/avdw8o/notice_regard... Source: I work in Crypto