Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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Legitimation
Under the Money Laundering Act, all banks in Germany are legally obliged to verify and record the identity of the customer when opening an account or granting a loan. The bank must obtain direct certainty about the customer's person and address. This is checked using valid identification documents such as an identity card or passport.
Other possibilities
Nowadays there are other possibilities of legitimation. These include the Post-Ident, the Video-Ident or the notarial
or the notarial certification. In the Post-Ident procedure, a postal employee verifies the identity of a person by means of an ID card or passport. A previously sent coupon is then sent to the requester. The applicant receives written confirmation of this.
Video-Ident
With a webcam on the computer or a smartphone camera, you can easily perform a video ID without having to leave the house. The applicant holds his or her ID in front of the camera, and the employee makes a recording for verification, subsequent legitimation and storage. The applicant then receives a transaction number (TAN), which he must confirm as a substitute for his signature.