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.
In order to comply with financial regulation, Plum and our banking partner MangoPay completes identity checks on anybody who deposits more than £2000 into their Plum account, or withdraws £700 or more within a year from their e-wallet.
When we ask you for your KYC document, we accept the following:
- Valid passport
- Drivers licence (full or provisional)
- We can also accept nationally issued ID cards from most countries in Europe
Regrettably due to restrictions with our partners, we can't accept:
- Proof of age cards
- Old style paper drivers licence
- Any document that's expired
What to do if your name has changed:
if you've changed name recently, or the name on your ID doesn't match your account, please send a picture of the document that supports your change of name (such as a marriage certificate or deed poll form) along with your ID when emailing us.
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.
Once we detect that you've started accumulating substantial savings (yay!) and are thus close to hitting the KYC limit 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 exceed the level at which we need your ID 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.