Frequently Asked Questions
Why am I being asked for this information?
It is a legal requirement for financial services providers to keep a comprehensive and up-to-date Customer Due Diligence file on all account holders in order to comply with regulations as well as conduct healthy business operations including anti-fraud, anti-money-laundering, and other risk control activities.
Who is the right person to supply this information?
The Root User of your business for the purpose of administration of embedded financial services.
I already provided this information when I signed up, why am I being asked again?
We have changed or added a significant set of requirements in the Customer Due Diligence information gathering since the time you originally signed up, so we need to conduct this refresh enquiry to ensure we can continue to provide financial services to you.
Our requirements are in line with regulations. All financial services providers for businesses in the EU and UK apply similar requirements.
Who is asking for this information?
The embedded financial services are provided by Paynetics AD via technical services provider Paystratus Group Ltd trading as Weavr.
SumSub is a service provider for Paynetics and Paystratus/Weavr. Your company data and data submitted by (or about) individuals will be held on file for review by these organisations in line with regulations and our terms and conditions.
I don't wish to supply this information, what can I do?
If you cannot or do not wish to complete this Due Diligence request we will be unable to continue providing embedded financial services to your business.
Please contact us if you wish to close your account.
Important factors to be aware of:
Once you receive the email requesting this information, this would need to be completed within 10 working days, starting from the date of your initial refresh notification.
Temporary disabling of accounts - Existing clients must be in good standing by the deadlines outlined above. Any clients who have not completed the KYB steps successfully by that date will have restrictions applied, such as all their accounts and cards temporarily disabled for new transactions.
Full functionality is restored as soon as possible after the KYB steps are successfully completed. Inactive or non-responsive clients will be off-boarded after a further review period of 90 days.