Is Bonpay a bank? No! Bonpay is far better. In order to transfer your funds, you no longer need to waste your time to go to the bank branch. You no longer need to pay unreasonable fees. Plus, you can use cryptocurrencies with Bonpay, which is impossible with a traditional bank.
Nevertheless, there are some similarities between Bonpay and a commercial bank. Just as any bank, we follow strict rules regarding your funds and personal data storage. We’re also a regulated licensed company, therefore, just as any other financial institution we have to stick to strict compliance rules.
This means that Bonpay is required by the government and our banking partners to verify every customer.
Usually, the first thing you’re asked at any bank is to provide your identity document. This procedure is a part of the KYC (Know Your Customer) and AML (Anti Money Laundering) Policy.
Bonpay must follow KYC/AML procedures imposed by the regulators. We are obliged to perform customer verification by asking them to provide their identity documents. Identity verification is an important procedure for any other legally acting financial business. If a company doesn’t ask you for verification this might mean they are not acting legally.
Verifying your identity is important for building mutual trust and ensuring the safety of your money. For example, this allows us to prevent fraud in case someone has access to your account or card.
As a result of all mentioned above, verifying your identity at Bonpay removes restrictions from your account. Only verified customers have access to some of our services such as ordering a debit plastic or virtual card, depositing with Bitcoin or buying cryptocurrency with digital base money.
All the documents you provide us with, are kept within the terms of the Data Protection Act 1998 and General Data Protection Regulation. Your data is accessed by a very limited amount of Bonpay employees who signed Non-Disclosure Agreements and are trained to work with personal data.
Verification at Bonpay consists of 2 parts:
Direct link to verify your Bonpay Account: https://my.bonpay.com/verification