We explain to you how we came to know our clients.

Brief explication

Like any other financial institution, TransferPay is governed by strict legal regulations. One of them is the application of the form that allows us to meet our clients (KYC).

With the problems related to corruption, terrorist financing and money laundering, KYC policies have become a fundamental tool to combat illegal transactions in the field of international finance.

In Europe, the fourth Anti-Money Laundering directive (AML4) came into effect in June 2017, with a set of rules so that financial institutions can protect themselves against these threats. Among the new obligations introduced by this AML Directive we find the duty to control by the financial institutions the identity of the old and future clients -which we understand by KYC- and share this data with the central administration.

What is KYC and why should you know it?

As a financial institution, we must comply with anti-money laundering and terrorist financing regulations to prevent fraud using our services and posing a threat to society. We can detect and identify suspicious actions only if we have sufficient information about our clients, their typical transactions and the sources of funds. KYC stands for all actions that allow us to know who our customer is and detect any unusual behavior. First, we ask clients to provide their personal data, answer questions related to their financial transactions, and only then, supervise, analyze and, if suspected, take necessary action.

What information do we ask you to provide?

On the one hand, they must carry out a formal identification of the clients by presenting the national identity document, passport or any other valid document for foreign clients. And on the other hand, we are obliged to the real identification, that is, to know, for example, at all times who the person who opens an account really is. We ensure that all information provided by the client is protected and used only for purposes related to KYC and against money laundering.

For natural persons:

• Personal information: contact information, citizenship and place of residence.
• Financial data: sources of funds, recipients, the amounts of money administered and their purpose.

If you are a commercial customer:

• Members’ identity document, percentages of shares, company tax data, registration code.
• Types, scope and territory of the economic activity carried out, commercial partners and the type of risk.
• When necessary, we also ask to provide details of a specific payment transaction.

How often do we request information?

The first questionnaire is delivered for the client to complete during registration in the system. Later, to ensure that customer information is up to date, we ask the customer to review it periodically, which is generally once a year. We may also request to provide additional information if we detect suspicious activity. In this case, we ask additional questions about the sources of funds, the purpose of the transaction, etc. We always expect the customer to provide detailed information as quickly as possible.

What if I refuse to answer the questions?

KYC shares are the mandatory standard for any financial institution, so we expect our clients to act responsibly. When the client refuses to provide information, they are considered suspicious activity and may influence the provision of services to the client, proceeding to suspend and cancel the services provided to the client. Thanks to the KYC, it is possible to carry out digital onboarding, which consists of the faceto-face identification process that allows interested parties to register with financial institutions 100% online (Internet, smartphone, etc.) The client does not require physical movements, nor formalize contracts or paper forms, since the process can be carried out through any computer or mobile device.

KYC forms

You can download the form or fill it out digitally after registering on our platform:

KYC form for natural persons: http://transferpay.uk/legal/kyc_natural.pdf KYC

form for legal entities: http://transferpay.uk/legal/kyc_juridica.pdf