Hi, Does Revolut have different levels of identity verification, e.g. before identity verification, after identity verification, enhanced verification? I seem to have reached identity verification. Thanks very much. Is there a further stage, e.g. enhanced verification?
In response to your specific question… I assume it’s on an ad hoc basis (in terms of increasing limits.). Naturally you’d have to identify the source of funds if it’s an increasing amount.
The source of what funds? My specific question wasn’t about increasing limits but about enhanced identity verification, whether it exists as a procedure and what it entails. Posting links to legislation about money laundering feels intimidating and heavy-handed rather than helpful or illuminating, especially as it’s not relevant to my question. But thanks anyway.
You mentioned how you were interested in what the different tiers are, so I provided what the industry standard is, and what the legislation covers.
The legislation sets out the framework in which financial services companies (Both retail and at the investment level.) have to comply with, in terms of KYC/AML.
The only information in the FAQs is as follows:
Beyond guidance on the 3 ways in which a customer can provide information on source of funds, naturally Revolut (or any other financial services company.) will not specify the exact procedure in which an account is monitored (as in-depth knowledge of the procedures can be used and abused by individuals seeking to use Revolut as a conduit for illicit funds.).
Specific details on the methods and frameworks for ‘enhanced verification’ is highly unlikely to be released by the company.
Receiving USD from American Business to Revolut Account
Understanding annual limits
Revolut: Is it ready to replace your main bank account?
Help/Advice General Discussion
What is the maximum transfer limit?
Thanks. I really can’t process all that right now. I’ll have a go tomorrow if I can find the time.
We ask users to verify their identity with their ID and selfie. This establishes the annual top up limit. If a user wishes to increase this annual limit further, then that’s when we ask for additional source of funds documents to be able to verify this and increase accordingly.
That’s great. Thanks.