Identity verification via penny payment (AML)

The Littlebit app uses two primary sources for verifying a client's identity via a so-called penny payment – a payment card and a bank account.

To correctly perform your remote identification in compliance with Act No. 253/2008 Coll., we need to reliably verify that:

1. The linked bank account is held in your name.

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

We perform both of these checks during the first auto-save, which occurs after reaching the 350 CZK milestone.

Since both of these verifications take place automatically on the connected sources, in most cases you do not need to worry about a thing (provided both sources meet the criteria mentioned above). In the event of any discrepancies, we would inform you immediately.

If you are wondering which cards and accounts to link to ensure that Littlebit not only verifies you correctly but also that your savings with the Littlebit app run smoothly, you can find more information here:

• Which bank accounts can and cannot be used?

• What cards can and cannot be use?

And if anything is unclear, please do not hesitate to contact us using the form below – we will be happy to help.