Why are identification required at all?
Financial service providers such as Pliant are required under the GWG to carry out know-your-customer (KYC) due diligence when entering into business relationships with customers.
Specifically, your company, their legal representatives, and their UBOs must be identified, and their identity must be verified to:
Confirm you are who you say you are
Confirm that you are entitled to act on behalf of your company to enter a business relationship with Pliant
Understand with whom we are entering a business relationship
Understand whether your company is acting on behalf of a UBO
What is the identification process with Pliant?
If you are legally representing your company, you will undergo video identification with one of our external providers.
As a UBO, we will ask you to provide a valid ID copy, and proof of address if your address is not included in your ID.
Additionally, all legal representatives and UBOs will be asked a set of KYC-related questions.
How does video identification work?
Pliant uses external providers to carry out customer identification, e.g. IDnow, WebID and POSTIDENT.
After your company’s application, the legal representative(s) representing the company will receive a unique link taking them to the video identification platform at either IDnow or WebID. A live agent will guide you through the identification process. If you are asked who the contractual party is during the identification process, please reply "Varengold Bank AG, Hamburg". Varengold Bank is the account-holding institution and our partner bank.
You will need:
Valid ID document
Smart phone or computer with a functioning camera
Stable internet connection
Please note, customers within Germany have the option to undergo identification with POSTIDENT by visiting a near-by post office instead of via video call. If you prefer face-to-face, please let us know during your onboarding.
How does POSTIDENT work?
If video identification is not possible, Pliant also offers POSTIDENT, an identification service via your local post office.
You will receive a code and coupon from us to take with you to any Deutsche Post branch, where the staff will carry out the live identification procedure. Remember to also bring your valid ID along!
Please note, POSTIDENT is only available in Germany.