Depositing funds

Hey there,

Do you need to verify accounts/investor information (Identification documents) from your users prior to them being able to trade?

We won’t be discussing our AML and KYC policies publicly in any great detail. I can’t put it any better than this great post on the Monzo community, which explains why it’s important to keep these things confidential.

Rest assured we will be working to get everyone onboard as soon as possible once they are at the front of the queue, and there shouldn’t be any circumstances where it is taking 7 days to get you trading. (If questions or issues do come up at this stage it will be resolved much more quickly by contacting us via support channels than via the community.)

How do you guys plan on over coming this issue or more to the point do you even see it as an issue?

It’s always difficult to balance user experience with regulatory requirements, but we have some great solutions in place and the majority of users should not be affected. Naturally, there will be exceptions to this but we’re ready to help everyone get their accounts opened as quickly as possible.

And will your user accounts support faster payments from bank transfers and debit cards for instant deposits?

Once you’re onboard, you can link your bank account and get going. Funds will be reflected in user accounts continuously throughout the day, so if it lands with us via Faster Payments it should be included in the next batch. Debit cards a priority for us as well, as @tommy mentioned.

Probably a longer answer than you were after but good to get these things covered now for future reference! Keep them coming guys :grinning: