What is KYC?
KYC ("Know Your Customer") is the process of a business identifying and verifying the identity of its clients. In the case of financial institutions, the objective of KYC is to help understand our customers better and prevent money laundering activities. KYC is usually performed by collecting and analysing identity documents (passports, driving licences, national ID cards etc) and name matching against lists of known parties (such as "politically exposed person").
Our KYC process
Your savings are administered by MangoPay, an EU-regulated financial institution based in Luxemburg and held as e-Money. MangoPay is also responsible for doing our KYC validation checks.
There are two KYC levels:
Light: Accumulated deposits of less than £2000 (€2,500) or accumulated withdrawals of less than £700 (€1,000) per legal year.
Regular: Accumulated deposits of more than £2000 (€2,500) or accumulated withdrawals of more than £700 (€1,000) per legal year.
When you sign up on Plum, we place you under the Light KYC level since you have no savings. Once we detect that you've started accumulating substantial savings (yay!) and are thus close to crossing into the Regular KYC level we need to do a further check to validate your identity. Plum (or our support team) will notify you that you need to send an identity document, such as a passport or driving licence, to our operations team at email@example.com, with the subject 'KYC Document'. When you do, we forward this document to MangoPay for validation and acceptance. Please note that if you don't send this document and your deposits or withdrawals are within the Regular KYC level, any withdrawals you make will be blocked by MangoPay until you send the document.
Please note that we do not store your identity documents on our servers and we eradicate any sensitive attachments from any tickets in our support system.
MangoPay's servers and all personal data are hosted in a secured data centre in Luxembourg. Their KYC provider is EBRC, certified by the CSSF, the local regulator in Luxemburg. In accordance to MangoPay's terms of service, no personal data can be used for marketing or any related activities and only TRACFIN or its European counterparts can ask them to provide personal data.
If you have more questions regarding KYC you can email us at firstname.lastname@example.org.