As ZEN.COM is licensed by the Bank of Lithuania and regulated by the respective EU regulations regarding financial markets and services, we are legally required to comply with the requirements imposed on us, as follows:
- Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 "On the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC" with all its later changes and amendments,
- the Law on Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania,
- other national legal regulations.
Among other things, the above-mentioned legal regulations require us to:
- identify and verify the identity of the customer and in cases where applicable his/her authorized representatives and ultimate beneficial owners - collect information about the purpose and intended nature of the business relationship, including obtaining the documents proving this information,
- periodically review and update customer's information about the purpose and intended nature of the business relationship,
- monitor customer transactions and obtain its grounds proving documents to ensure that transactions are not related to criminal activity, such as money laundering or terrorist financing.
We wish to emphasize that our inquiries are routine and are required by law. We do not collect any information other than that which is necessary to verify transactions, the identities of our clients, and their associations.