Why is personal information requested?

Know Your Client

Clients expect their financial institution to provide relevant and high-quality services, and ensure the security of their funds. To implement these aspects, financial institutions worldwide apply the Know Your Client 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 to 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 the security of your funds and interests.

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It is important to understand that each questionnaire is completed individually and the answers will vary depending on the field of your activity, income level, etc.

1. Sources of funds.

Please select where your income comes from. You can choose multiple answers. For example, if your income comes mainly from your salary but sometimes you also earn money from individual activities, please choose both.

If you have chosen options such as individual activity or other sources, be sure to specify your answer – what kind of individual activity do you carry out or what other sources of income do you have.

2. Planned monthly turnover.

Please select the turnover you plan to have per month. For example, if you earn around 800 EUR and have no other sources of income, select up to 1000 EUR.

3. Participation in political activities.

Please indicate whether your job is related to politics – perhaps you work for the parliament, a political party, etc. Please select yes if you worked in this kind of job less than a year ago.

4. Relatives.

Perhaps your relatives work in a political setting? Hold important positions in international and national institutions? Please select yes if they held such positions less than a year ago (e.g. eight months or so ago).

5. The final beneficiary.

The final beneficiary is the account holder and the person who owns the money in the account. Please note that you can only open an account for your own use and not for the use of others.

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 the risk.

Specific payments

Information on a specific payment transaction.

  • During registration;
  • Approximately once a year for updating the information;
  • If unusual activity is detected, a large 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 the requested data may in some cases no longer be able to use certain financial services. 

The faster you reply to all our questions and submit the 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 you full access to Paysera services. 

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

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

KYC (Know Your Client) 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 the 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 protect the funds and interests of our clients and other people from financial fraudsters.

Laws. All financial institutions are governed by laws regulating the Know Your Client process. The ongoing Know Your Client 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 this happening, read our post on security measures applied by us and many other financial institutions.

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