Customer Identification: How it works and why it matters

Customer Identification: How it works and why it matters

If you have ever tried to register an account with us, you might have noticed that we ask for identification documents, just like any other financial services company in the financial industry. But, have you ever wondered exactly why all online banks, financial institutions and money transfer companies require real documents from you, while most other online services are happy enough with your email or Facebook account as a login? Why is your copies of original ID and proof of address so important?

Well, there are basically 2 straightforward reasons.

Firstly, MoneyPolo takes care of money – your money. You wouldn’t want anyone else to have unauthorized access to it, so a much higher level of protection is essential. Think about it this way – if you wanted to open an account in any standard bank you’d have to provide a whole bunch of documents. There is nothing unusual about that. You are opening YOUR personal account for your hard-earned money. The same is absolutely true for online financial services.

Secondly all financial institutions follow a special KYC policy.

What is KYC policy?

Basically, KYC stands for Know Your Customer. It is a developed philosophy, and at the same time, a strict set of rules on how a business verifies the identity of its clients. All banks around the world follow these rules, in order to avoid fraud and money laundering MoneyPolo is a financial institution, and this policy is obligatory for us as well.

Officially, KYC consists of 3 basic rules organizations must follow:

  • Verify the legal status of the legal person/ entity
  • Verify the identity of the authorized signatories and
  • Verify the identity of the Beneficial owners/ controllers of the account

In a nutshell, companies must make sure that the customer is who they say they are, a real person with a real address, just as with traditional offline banking. MoneyPolo is registered in the United Kingdom, well known for its stable, well-governed financial traditions and legislation, and follows KYC policy based on the UK’s Money Laundering Regulations Act.

Should you be concerned about submitting your personal data for verification?


Your data is protected from unauthorized use by a sophisticated, multi-layered system of protection comprising of stringent internal regulations on how employees work with your data and strict government and international regulatory bodies that rigorously supervise the industry. MoneyPolo for instance, never uses external verification tools. Every operation concerning sensitive data is carried out in-house, never out of our sight or control.

What happens if you don’t submit all or part of the necessary data?

KYC policy is unavoidable – it is law. Moreover, it is law that works in your favour, first of all to protect you and your account. Regrettably, if you failed to provide us with 2 basic documents – scans of your ID and proof of address – we simply would not be able to verify your online account and provide you with industry-leading service and technologies in international money transfers.

Just investing a little time to get the right documents together will open a whole new world of affordable, online money transfers to explore! Safely!

Information is liberation, so please do not hesitate to contact us via our ticket system at if you have any concerns about the security of your data We take your peace of mind and comfort very seriously. Now, that’s a little less scary, isn’t it? ☺

2 responses to “Customer Identification: How it works and why it matters”

  1. jaquileno de jesus says:

    id:000039748695-2 data:exp 21/12/2016. sspma.cpf:270/589/213/34.
    end: e quatrocento n09. cep:65051842.
    sao luis, maranhao. Brasil.

  2. jaquileno de jesus says:

    o que esta faltando p o meu cartao. Me diga

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