How Do We Get to Know Our Clients?



What is KYC and why should you know it?

Being a financial institution, we are required to comply with anti-money laundering and terrorist financing regulations to prevent frauds from using our services and posing a threat to society. We can detect and identify suspicious actions only by having enough information about our clients, their typical transactions, and sources of funds.
KYC means all actions that allow us to know who our client is and to detect any unusual behaviour. First and foremost, it is our request to clients to provide their personal data, answer questions related to their financial transactions, and only then – monitoring, analysing, and, in case of suspicion, undertaking relevant actions.

What information do we ask you to provide?

  • Personal information: contact data, citizenship, and place of residence.
  • Financial data: sources of funds, recipients, the amounts of money that are managed, and their purpose.
  • If you are a business client: types, scope, and territory of the executed economic activity, business partners, and the type of risk.
  • When necessary, we also ask to provide details of a specific payment transaction.

We assure that all information provided by the client is protected and used only for purposes related to KYC and anti-money laundering.

How often do we ask for information?

The first questionnaire is given for the client to fill in during registration in the system. Later on, to make sure that the information about the client is up to date, we ask the client to revise it periodically, which is usually once a year. We may also request to provide information if we detect suspicious activity. In this case, we ask additional questions about sources of funds, the purpose of the transaction, etc. We always expect the client to provide detailed information, as fast as possible.

What if I refuse to answer the questions?

KYC actions are the norm for any financial institution, which is why we expect our clients to act responsibly. Cases, when the client refuses to provided information, are deemed a suspicious activity and may influence the provision of services to the client, which may be suspended or terminated.