Why was I asked to re-verify my identity even though I am already a ZEN customer? What to do if reverification fails?
For security reasons, additional verification is sometimes needed for customers who have already ZEN accounts. The process is intuitive and straightforward.
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:
Among other things, the above-mentioned legal regulations require us to:
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.
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:
There are two main reasons why we may take the above actions:
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 firstname.lastname@example.org (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.
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.
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.
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.
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:
Payment verifications are routine and can occur at any time.
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.