How this verification works?
You know that blockchain is anonymous.
But when it comes to fiat money (your usual money that is on your bank account) we can't work with anonymous users due to national and international legal regulations including so called AML (Anti-money laundering), KYC (Know your customer) policies.
So when you want to transfer your hard earned euros or dollars from your bank account to your Waves account you are to be "identified and verified", in other words, be checked by someone authorised to do so, that you are who you are and not anyone else, and you have your legal papers in order and they are real and not expired.
All this leads to your eligibility or non-eligibility to make fiat transfer operations with Waves.
Once you pass your verification successfully and we received a positive result from IDNow about it (what can take sometime up to 2 days) we send you instructions on how to make your first Deposit transfer, which is also a part of identification and verification.
When we receive your fiat money, we check payment details, we compare the information received from you and from IDnow, from payment details and a bunch of some other internal criteria to prove that, again, you are who are, and you are eligible to send the money.
Once we check everything we transfer your Euros or USD to your Waves account in the form of WEURO or WUSD.
Also, take note of the important fact, if you lose access to your account, with it you also lose verification status. For each new account you need to pass verification again.