KYC and limits
KYC stands for “know your customer” and entails the whole verification process of your users. This process is part of European anti-money laundering regulation, known as AML, which requires institutions such as MANGOPAY to make sure that money transacting through their system is legitimate. It will therefore be an integral part of your collaboration with us.
The whole verification process is automated thanks to the dedicated API endpoints. This feature is available for users worldwide and provides you with a global, compliant, and trustful service.
There are several levels of user verification depending on how the user will use MANGOPAY. Users can therefore be classified as follows:
- Payer – Only basic information provided during the creation process is required. These users are offered limited functionalities (pay-ins, transfers only out of their e-wallet).
- Owner (light verification) – Further information is necessary for users whose category is “Owner”: Nationality, country of residence, and acceptance of MANGOPAY’s terms and conditions. These users are offered a larger panel of functionalities but are not free to perform payouts as they please.
- Owner (regular verification) – Only users whose
UserCategoryis “Owner” and whose identity has been verified can perform payouts and can handle unlimited funds freely.
A user will never be blocked when exceeding their allowed KYC limits during a pay-in – it is the transfers and payouts that will be blocked.
Know your limits
The AML5 regulation downgraded the limit amount for identity verification (KYC limit).
The limit of funds that a user (owner) can handle with light (default) verification depends on your country of incorporation and which MANGOPAY services you are using: Payment Services or Electronic Money Services.
|COUNTRY||PAYMENT SERVICES||ELECTRONIC MONEY SERVICES|
|REST OF EUROPE||
To find out which MANGOPAY services you are using, please refer to your contract.