iLedgends is an Electronic Money Institution, licensed by the Dutch Central Bank under the registration number R201891

iLedgends BV is a borderless digital banking platform designed for all businesses. We provide secure and flexible banking solutions tailored to the needs of parties that are operating in the Netherlands and globally. We thereby take the approach of reviewing each potential client individually and determine acceptability on the merits of the client and not on the industry as such. We apply an open and frank exchange of information, demands and requirements and so support our clients in creating a sustainable banking solution.
Our mission is to offer a reliable alternative to traditional banking.

iLedgends B.V. is required by law to apply safeguarding measures to protect customer funds. This means that all funds received in exchange for e-money are segregated from iLedgends’ own funds and are not used for any other purposes. The safeguarded funds are therefore completely separate from the funds held by iLedgends to meet its corporate obligations and operational expenses.

In accordance with applicable Dutch and European regulations, these safeguarded funds are held in specially designated safeguarding accounts belonging to Stichting Derdengelden iLedgends with ClearBank Europe N.V., a credit institution licensed by the Dutch Central Bank. These accounts are structured to ensure that customer funds are protected at all times and remain insulated from any claims by creditors of iLedgends.

A separate safeguarding legal entity, established in accordance with applicable Dutch and European regulations, designated to hold accounts with ClearBank Europe N.V., a credit institution licensed by the Dutch Central Bank. This entity holds clients' funds to ensure that these funds are protected at all times and remain insulated from any claims by creditors of iLedgends.

iLedgends B.V. is an Electronic Money Institution (EMI), which means we do not operate as a bank and do not take deposits. Instead, we issue electronic money and are subject to a different regulatory framework.

How are my funds protected then?
Your funds are protected through a regulatory mechanism called safeguarding, as required under Dutch and European law.This means that:

• All customer funds are kept separate from iLedgends’ own funds
• These funds cannot be used for business operations or any other purposes
• Customer funds are protected against claims from creditors of iLedgends

All safeguarded customer funds are held in dedicated safeguarding accounts with
ClearBank Europe N.V., a credit institution licensed by the Dutch Central Bank. under the Stichting Derdengelden iLedgends. These accounts are specifically structured to ensure that your funds remain secure and segregated at all times.

ILedgends as a young organisation embraces automation in its processing of client data and documents in its onboarding and transaction monitoring activities. Still, direct contact with our clients remains central. Where this is to the benefit of our clients we will automate processes, but you will chat with real life persons. Our specialised Onboarding Team will help you and explain what needs to be done to come to a swift opening and activation of your bank account. In our transaction monitoring we apply the best available systems for screening and anomaly detection. Every issue is quickly resolved through human intervention by our dedicated Transaction Monitoring team.

As we specialise in compliance intensive parties we need to be very clear and open about the demands we have to make. Our digital application forms will explain most of this but you can always call us. As a Dutch EMI we uphold high standards of transparency, reliability and responsibility. This means that we expect our compliance intensive clients to also implement a governance framework, policies and procedures that ensure this. For that reason we will inform what your governance and/or compliance framework should involve and how you could organise this. We are no legal advisers or counsels but we are happy to share our experience and make your life easier and more compliant.

In our onboarding human interaction is key. Still we start with a digital process as you can apply for an account through our website. We will then contact you and exchange general and industry specific application questionnaires. We will then run through these questionnaires with you and where necessary explain what is needed. We operate this through an active exchange setting up separate channels per client. This approach allows us to fully document and understand the structures and activities of our clients and still come to a quick onboarding and acceptance process. We like to call this “bespoke onboarding”.

We use the term “compliance intensive” as this best describes the situation most of our clients will find themselves in. Their activities, clients base, corporate structure or shareholder structure require a more intense review and additional information. This does not necessarily mean more risk but rather more work to be done. Situations that could be involved are:
- Structures with a dispersed shareholder base (like funds)
- Structures involving shareholders from different jurisdictions
- Structure involving “special” legal entities like foundations, co-operatives, associations
- Start-ups and Small enterprises
- E-commerce entrepreneurs
- Marketing and commercial services
- CFD Forex brokers
- Gaming and gambling operators

Our view is that banking and payments should be inclusive and offer room for all legitimate industries. We call this “ inclusive banking”.

As any licensed EMI we apply a very strong transaction monitoring regime. We have automated this as much as possible to make sure that no time is wasted. Still, as we deal with compliance intensive industries, it is key to set expectations, we are thereby clear, open and transparent. We will tell you in what ways you can best prepare your transactions and we will make an inventory with you of the payments you will be expecting, and the parties involved therewith. In that way we can optimize the settings of our systems and make sure that we can support you where needed. We call this “bespoke transaction monitoring”.