SwaggyBank has a partnership with an Electronic Money Institution which Supervision Service Department of the National Bank of Lithuania and has been granted the electronic money institution license Nr. 28, with a payment system participant code Nr. 30600, and conducts Business under the laws of the Republic of Lithuania, according to the EU Directive (2009/110/EC) and the EU Directive (2015/2366) on EU wide payment services. We are legally required to verify your identity before we can open a SwaggyBank account for you. The ID verification procedure through video call is a legally compliant remote identification process, designed to comply with the latest banking regulations and laws, as well as the Anti Money Laundering Act (AML).