Check out the smart tech that lets you open a bank account with just a selfie and a passport pic

Monese is a startup that lets you open a bank account in as little as 3 minutes with just a selfie and a picture of your passport.

It's designed for migrants and is perfect for people who have just touched down in a country and don't have a financial footprint there yet.

When I wrote about Monese a while ago I got a lot of feedback from people who were amazed by the company's onboarding procedure.

Banks and financial companies have to jump through a lot of regulatory hoops when they sign up new customers to make sure they are not dealing with dodgy people or facilitating illegal deals.

The 2 big boxes you have to check are "know your customer" (KYC), which means you have to make sure the customer is who they say they are, and anti-money laundering (AML) checks, which mean you have to make sure the money deposited isn't linked to crime.

Normally meeting these 2 requirements can be a lot of hassle, but Monese has clearly got it down to an art thanks to a platform that took them 2 years to build.

We went back to the company to find out more about how exactly they do it, without giving away too much of its secret sauce of course. Check out the smart tech below.