KYC – KYB
All LT registered members and commercial accounts receive a LTA™ upon successful registration and commercial account approval. Each account is unique to each member and commercial account. All financial transactions relevant to a member or commercial account occur in that member’s LTA. A member or commercial account can have only one account.
When you register with LT, you are automatically creating an international bank account number (IBAN) with LT; you have 20 business days to verify your information otherwise your account will be closed. If you attempt to create multiple accounts without the prior written consent of LT, we reserve the right to report you to the local or regional jurisdictional authorities as a potential risk under the PATRIOT ACT, FAFT, OFAC, MLAT, FACTA, United Nations or other authorities as required by LT’s compliance guidelines.
The creation of a LTA account requires the following steps and procedures, which are subject to change without notice:
A. MINIMUM REGISTRATION INFORMATION
1. Photograph Approved LT ID,
2. Scanned Utility Bill no older than 3 months
3. Scanned Phone Bill no older than 3 months
If you require larger transaction amounts refer below to Increasing Transaction Default Limits.
B. ONCE REGISTRATION IS COMPLETE
1. Confirm email link.
2. Login and Go to – MY PROFILE – upload Certified or Notarized utility or phone bill with your current address.
C. INCREASING TRANSACTION DEFAULT LIMITS
LT may ask for the following documentation to satisfy the KYC policies required by banks:
1. Proof of address – Several options may be used to triangulate the validity of the address
2. Two more certified and Notarized photo ID’s
3. Two bank reference letters
4. Two business reference letters
5. Police report
6. Credit score report
7. Source of funds declaration
8. Skype, Twitter, LinkedIn & Facebook cross referencing
9. Credit check
The above items are used in our weighted value points system to determine what documents are required to increase the limits to satisfy the services required by the customer and at the same time LT KYC policy.
D. BUSINESS & MERCHANT ACCOUNTS
Business accounts include the above, plus:
1. Web site reference
2. Directors information and backgrounds – Directors must be registered as members
3. We may request a business plan or executive summary – rare circumstances
4. Articles of the business and business registration information
5. LT may ask for a signed declaration to be made in front of a lawyer, bank officer or both if required
E. FINANCIAL INSTITUTION ACCOUNTS
Financial Institution accounts include all of the above, plus:
1. Public listed exchange Quote: Code
2. Directors top 10 shareholders information and backgrounds – Directors must be registered as members
3. A letter from the financial regulatory body to confirm good standing and financial liquidity that meets the jurisdictional requirements
4. Source of funds declaration – large amounts exceeding the defaults
5. Any other documents as required by LT Compliance.
Note: LT will not conduct business in countries banned or under financial sanction by the United Nations (refer to our Excluded Jurisdiction List).
