As a licensed financial institution which provides payment services to its customers we are obligated to follow legal requirements. One among these is the Regulation (EE) 2015/847 of the European Parliament and of the Council of 20 May 2015. According to its provisions the payment transfers must accompany with the information about the sender (payer) such as his name, account number, etc. and recipient (payee) such as his name and account number. Provision of this information not only make the payment transfers compliant with regulatory requirements, but also ensures smooth execution of them. Besides this, provision of information about the sender (payer) and recipient (payee), allows to, for example:
- we check that the money you send does not go, for example, to suspicious companies
- we protect you from falling victim to scammers and swindlers
- Your name may be associated with public figures, (e.g. politicians or their families) and we need to monitor these persons more closely
Payment verifications are routine and can occur at any time.