ZEN.COM is a regulated financial institution. That means we are legally required to verify certain information about you and your account. These checks help keep your money safe and ensure that financial services are not misused.
The exact rules depend on which ZEN entity you are registered with.
If you are registered with ZEN.COM UAB (European Union)
ZEN.COM UAB is licensed by the Bank of Lithuania and operates under EU law. The main legal frameworks include:
- Directive (EU) 2015/849 on preventing money laundering and terrorist financing, including all later amendments
- The Law on the Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania
- Other applicable national regulations
If you are registered with ZEN UK Ltd (United Kingdom)
ZEN UK Ltd is regulated by the Financial Conduct Authority (FCA). The key legal acts include:
- Electronic Money Regulations 2011
- Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
- Proceeds of Crime Act 2002
- Other applicable national regulations
What these laws require us to do
Under these regulations, we are required to:
- Identify and verify your identity, and where relevant, the identity of authorised representatives and beneficial owners
- Understand the purpose and intended nature of your relationship with ZEN, sometimes supported by documents
- Review and update this information from time to time
- Monitor transactions and, when needed, ask for documents that confirm where funds come from or why a transaction was made
These checks are designed to prevent financial crime, such as money laundering or terrorist financing, and to protect the financial system as a whole.
What this means for you
Our questions and requests are routine and required by law. They do not mean that you have done anything wrong.
We may only ask for information that is necessary to meet legal requirements, verify transactions, and confirm who is using the account. Nothing more.