In compliance with the requirements of the monetary and financial code, in order to proceed with opening your Qonto business account we need to collect and verify a certain number of pieces of information concerning:
- The company for which the account was created;
- All the people who might use it.
What can I do while my account is being verified?
While we carry out the necessary checks, you can still access your account. However, until the actual existence of the company is confirmed, some features will be limited:
- You can generate cards, but it won't be possible to receive them, use them or see their number until we have completed the verification procedures;
- You can enter a transfer order, which will not however be executed until your identity verification is completed.
If you are an employee with a Collaborator role on an account with a Team plan (Essential, Business or Enterprise) you will not be required to confirm your identity for transfer requests, submitting expense reports and getting an Instant card. You will be asked for an identity document only if you request a virtual or physical card.
Why do I need to verify my identity?
These checks are carried out for the purpose of combating money laundering, terrorist financing and fraud in general.
How long does verification take?
Verification procedures generally take less than 24 hours, but in some specific cases they may take up to 5 business days.
During this period, it will still be possible to receive transfers.
As soon as we have completed the verification procedures, you will receive a confirmation email that your account has been activated. Usage limits will then be automatically removed.
What is the REA code?
The REA number is a number consisting of 6 digits and the code of the province/chamber of commerce that assigned it.
An example of a REA number is: RM-123456. It is an identification number that allows you to identify the company's position within the REA register.
Can I create multiple accounts?
With Qonto, each company can have only one account. To identify a company, we rely on the REA code. Therefore, there cannot be multiple accounts with the same REA code.
However, thanks to the multiple accounts feature, it is possible to easily have, on the same account, several sub-accounts with dedicated IBANs, as well as bank statements and payment methods specific to each of these sub-accounts.
For more information about multiple accounts you can read the article What are multiple accounts?