Identity verification via penny payment (AML)

The Littlebit app uses a so-called “penny payment” verification to verify your identity, based on two primary sources - your payment card and your bank account. 

In order to carry out remote identification in accordance with Act No. 253/2008 Coll., on Certain Measures Against Money Laundering, we must reliably verify that: 

1. the connected bank account is held in your name,

2. the connected payment card is issued in your name and linked to the bank account connected to the Littlebit app.

Both of these checks are performed during your first Bitcoin purchase, once the CZK 350 milestone is exceeded.

Since both verifications are carried out through your connected payment sources, in most cases you do not need to take any action (provided both sources meet the criteria mentioned above). If any discrepancies are identified, we will inform you without delay.

If you would like to know which accounts and cards should be connected so that Littlebit can verify your identity correctly and ensure your Bitcoin savings work smoothly, you can find more information here:

• Which bank accounts can and cannot be used?

• What cards can and cannot be use?

If anything is unclear, contact us here and we’ll be happy to help.