What are the thresholds for a KYC2 account?

Updated August 03, 2023 12:29

As a regulated payment institution, Lemonway must implement measures to limit the risks of:

Fraud related to payments
Anti-money laundering and combating the financing of terrorism ("AML-CFT")

Thus, there is a need to verify the customers (KYC). KYC2 is the status meaning that the client has been verified and validated and that transactions can be made to that account.

With their experience in the various sectors that we cover (Product & Service Marketplaces and Financial Marketplaces), our Financial Security and Payments teams have defined payment thresholds to investigate any abnormal transactions taking place on the platforms of our partners.

A threshold refers to a number of transactions or a transaction amount, per transaction or accumulated over a period of time, on a type of payment account for recording transactions. Once the thresholds are exceeded, the transactions will be blocked.

Lemonway reserves the right to apply higher or lower thresholds if necessary, upon a partner's duly justified request by a ticket 👉 here, or in the event, in particular, of a major fraud on a partner's platform.

The thresholds are applied by default to all our partners, depending on the type of activity (gift/nest egg, crowdfunding, marketplace, invoice trading, etc.) in view of the implementation process.

You can view your thresholds in the dashboard:

From the Dashboard, click My account (SC).
Click Thresholds.

👀 Look for the Registered, KYC2 line.