Check why we are verifying your company
Ever wonder why we verify your details and sometimes ask for your personal or company documents? Let us explain!
In the world of online finance, you’ll come across various acronyms. Two of them are very important for the safety of your money and our services: KYC and AML. They might sound a bit mysterious, but they’re not! Plus, they are legally required.
KYC stands for “Know Your Customer.” It’s simply the process of verifying our customers’ identities. When you register with us, we ask for information and documents, like an ID card, passport, or documents confirming you have the authority to make decisions for your company.
Why do we do this?
· verifying your identity helps us protect your funds from fraud.
· to prevent illegal activities: KYC makes it harder for people to use our services for money laundering or other crimes.
Legal basis for KYC: The requirements for KYC mainly come from anti-money laundering and counter-terrorism financing (AML) regulations, both at the national and European levels.
AML stands for “Anti-Money Laundering.” Money laundering is the process of hiding the origin of illegally obtained funds to make them look legitimate.
Why is this important?
· we protect the financial system: by following AML procedures, we help fight organized crime and corruption.
· we ensure transaction security: thanks to AML, we can detect and react to suspicious transactions, protecting all our customers.
Laws in Poland and the European Union require financial institutions, like PayU, to use KYC and AML procedures. We must do this to:
· operate legally: not following these regulations can lead to serious consequences.
· ensure our customers’ safety: we want our platform to be a secure place for making payments.
· build trust: through transparent procedures, we show that we take the security of your finances seriously.
Thanks for your understanding! If you have any questions about KYC, AML, or the legal basis for these regulations, please contact our customer support team. We’re happy to clear up any doubts.
Regulations on anti-money laundering and countering the financing of terrorism are of crucial importance for ensuring financial security. Here are the most important legal acts:
European Level:
Directives of the European Parliament and of the Council on the prevention of money laundering: Subsequent directives (currently the 5th AML Directive and the 6th AML Directive) define the standards for Member States regarding AML and KYC. These legal acts require implementation into the Polish legal system.
National Level (Poland):
The Act of 1 March 2018 on Counteracting Money Laundering and Financing of Terrorism: This is the key Polish act regulating AML and KYC. It defines the obligations of obliged institutions, such as domestic payment institutions, including those related to customer identification, risk assessment, and reporting suspicious transactions.
Guidelines from the GIIF (General Inspector of Financial Information) and the KNF (Polish Financial Supervision Authority).