What is the purpose of verifying the source of funds?

Answer

Monitoring customer relationships is the standard responsibility of every financial institution in the European Union. In short, regulations oblige us to understand where our clients' money comes from or how our clients generated their wealth. That's why we sometimes need to ask our customers a few questions or ask for documents to confirm the information provided. When we decide to contact, we only ask what is necessary to complete the verification.

International regulations have been prepared based on different situations, to protect customers and payment systems from threats such as money laundering and terrorist financing. Verifications of the Source of Funds are routine and can occur at any time.

See also: About manual transaction verifications in ZEN, What are the legal grounds for conducting the verifications?

Was this article helpful?