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Why do I need to verify my identity?

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You only need to confirm your identity if you are looking to hold assets. If you're simply making a payment to someone, you won't need to verify anything further.

If you do wish to hold assets and make withdrawals, you'll need to verify your identity in accordance with federal regulations under the Bank Secrecy and USA PATRIOT Act, regardless of whether they will use banq for business or individual purposes. This is done to prevent fraud and money laundering. We pride ourselves on being safe for you to do business with!

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2 comments

  • Clarence hoisington | Posted

    How do I verify my identity

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  • Jim | Posted

    From the settings page (the three dots on the bottom right), you'll see a section that asks you to verify your ID if you need to. 

    Another good way to double check is to try and process a withdrawal of funds. The app will automatically take you through the verification flow if necessary. 

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