Why is personal information requested? 

Know Your Customer

Clients expect their financial institution to provide relevant and high quality services, and ensure security of their funds. To implement these aspects, financial institutions worldwide apply the Know Your Customer principle, and we are no exception. 

Acting according to this principle, we regularly request our clients to provide information about their financial activity and constantly update their personal data. This process is unrelated with any suspicions of criminal activity and is applied to all our clients without any exceptions. Collection of information prevents financial fraudsters and identity thieves, and helps ensure security of your funds and interests. 

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Personal data

Contacts, nationality, place of residence, field of activity, etc. 

Financial data 

Sources of funds, beneficiaries, disposable amounts and their purpose.

Questions for companies 

The type and scope, and territory of economic activity, business partners and the nature of risk.

Specific payments 

Information on a specific payment transaction.

  • During registration; 
  • Approximately once a year for updating the information;
  • If unusual activity is detected, larger payment is made or in case of recurrent small transactions. In such cases, we may ask additional questions about the purpose of the transaction, the source of funds, etc.

The clients who fail to submit requested data in some cases may no longer be able to use certain financial services. 

The faster you reply to all our questions and submit required documents and information, and the more details you provide, the sooner we will be able to execute your transfer, lift restrictions from your account, or simply give full access to Paysera services for you. 

We store the personal information of clients responsibly and do not use it for any other purposes unrelated with security. 

However, we cooperate with law enforcement authorities that have a right to apply to financial service institutions and request information about the client’s financial activity.

KYC (Know Your Customer) are all actions allowing us and other financial institutions to know our clients and detect any unusual behaviour. 

Questionnaires. All clients without any exceptions must fill in the questionnaires, but this does not mean that any criminal activity is suspected. 

Information. Clients may be requested to provide various information: starting with contact details and ending with specific details of financial transactions. This information is carefully protected and not used for marketing purposes or any other purposes unrelated to security. 

Protection of funds. Such prevention is performed in order to prevent funds and interests of our clients and other people from financial fraudsters.

Laws. All financial institutions are governed by laws regulating the Know Your Customer process. The ongoing Know Your Customer and information update process is an integral part of anti-money laundering and terrorist financing. 

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Any more questions?

If your account was restricted or closed, or you want to know how to avoid it, read our post on security measures applied by us and many other financial institutions.

If you have further questions, apply to the Paysera Client Service Centre.