• Additional account verification

    Question

    Why was I asked to re-verify my identity even though I am already a ZEN customer? What to do if reverification fails?

    Answer

    For security reasons, additional verification is sometimes needed for customers who have already ZEN accounts. The process is intuitive and straightforward.

    1. After logging into the app, you will receive a step-by-step guide on how to conduct verification.

      reverification.png
    2. It often involves taking a selfie again, which allows for the comparison of the customer's face with previously collected data.
      Good Lighting is Essential. Dark rooms and background light can make it difficult for us to see your face. It is a very common error but be aware that lighting should be in front of you (not behind) so that picture is visible. Besides this, keep your face in the white frame. Don’t wear glasses, headphones, masks, etc.
      Good-Lighting-is-Essential_no-mask-or-shadow.gif
      Use a Good Camera and Internet connection. Sometimes, terrible camera quality and low internet speed are the culprits of a failed verification. An old smartphone with a low-quality camera can impact your picture’s quality. If you have a high-end device but still facing a picture quality issue, check the lens. Сheck the lens - it may be dirty. Apart from this, don’t forget to check your internet connection.
    3. The whole process is quick and usually doesn't take longer than a few minutes. 
      reverification3.png
    4. If for some reason verification fails, please follow the recommendations described in the article 'My identity verification failed'.
  • What are the legal grounds for conducting the verifications?

    Answer

    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.

  • What happens if I don't respond to messages sent by ZEN?

    Answer

    At ZEN, we play with an open hand - we want our customers to know how we do things. There are many reasons why we may contact our customers. A significant part of these reasons relates to maintaining appropriate security standards, so if there is no response, we must take appropriate actions, such as:

    • withhold until further notice or reject the payment,
    • restrict the use of some functionalities in the application,
    • stop the flow of money through the account,
    • initiate additional verification,
    • block access to the ZEN application,
    • as a last resort, close the customer's account.

    There are two main reasons why we may take the above actions:

    • to protect our customers from dangers,
    • to comply with legal requirements.

    If you notice that any of the above may apply to you, check your email inbox and look for messages from us. Also check your "Spam" folder, as your email filters may have determined that messages from ZEN are unwanted correspondence.

    Do you need help? We are always happy to help you in ZEN app support chat (open the link from your mobile device, we usually respond within 2-3 minutes) or by email hello@zen.com (we usually respond within 24 hours). When you contact us via e-mail, please send your message from the email address linked to your ZEN account.

  • What is the purpose of verifying the source of funds?

    Answer

    Monitoring customer relationships is the responsibility of every financial institution. 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 have 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 (including the institutions involved) 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: What are the legal grounds for conducting the verifications?

  • Why is ZEN contacting me and asking questions?

    Answer

    At ZEN, we focus on making sure you don't worry about a thing. Our automatic monitoring systems run 24/7. They verify thousands of payments in real-time to keep each of our customers safe. These automatic verifications run in the background, like an anti-virus on your computer.

    Sometimes, however, something may be unclear to us and we need to contact for more information. The safety of you and your money is our priority! Verifications are routine and can occur at any time.

    See also: What are the legal grounds for conducting the verifications?

  • Why does ZEN ask me if I am affiliated with a PEP?

    Answer

    People in exposed public positions (e.g., politicians, judges, local government officials, and their families) are so-called PEPs (Politically Exposed Persons). Due to their functions and the decisions they make, they are exposed to risks, such as manipulation or attempts to pay bribes. Therefore, regulatory rules dictate that every financial institution must make sure whether its clients are PEPs or not.

    If you have received such a question from us, and you are not a PEP or do not have a PEP in your closest family, it is most likely that your name is very similar to someone who holds such a position and it is our duty to check this.

    Politically Exposed Persons and their families can also apply for a ZEN account, but must meet additional requirements.

    See also: What are the legal grounds for conducting the verifications?

  • Why should I provide information about the sender or recipient of the transfer?

    Answer

    As a licensed financial institution that 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 be accompanied by information about the sender (payer) such as his name, account number, etc., and the recipient (payee) such as his name and account number. The provision of this information not only makes the payment transfers compliant with regulatory requirements but also ensures their smooth execution. Besides this, the provision of information about the sender (payer) and the recipient (payee), allows to, for example:

    • Check that the money you send does not go, for example, to suspicious companies,
    • Protect you from falling victim to scammers and swindlers,
    • Check if the name may be associated with public figures, (e.g. politicians or their families) as we need to monitor these persons more closely (Why does ZEN ask me if I am affiliated with a PEP?).

    Payment verifications are routine and can occur at any time.

    See also: What are the legal grounds for conducting the verifications?

  • Why do I have to follow the ZEN Terms of Use?

    Answer

    ZEN Terms of Use is an agreement concluded between you and us. It sets rights and obligations both for you and us concerning the use of our services. This agreement not only ensures compliance with the regulatory requirements but also enables you to know what ZEN offers and what the rules of cooperation are.

    Violations of the rules of cooperation between partners in the financial system can result in restricting the account. This is why we sometimes contact our customers to warn them of the possibility of losing the benefits of their ZEN account.

    For more on the consequences of breaking the rules, see our Terms of Use.

    See also: What are the legal grounds for conducting the verifications?