Overview
As part of the onboarding process, Cedar requests a bank statement to help verify the source of funds associated with your business and ensure compliance with regulatory requirements. This step is essential to maintain the security and integrity of our platform.
Reasons for Requesting a Bank Statement:
Verifying the Source of Funds
The bank statement helps us verify that the funds used for your business transactions come from legitimate sources. This is a key measure to prevent financial crimes such as money laundering and terrorist financing.
Compliance with Financial Regulations
Cedar is committed to adhering to global financial regulations and standards, including anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. Verifying your financial history through your bank statement ensures that your business complies with these legal requirements.
Understanding Your Financial Activities
The bank statement allows us to assess the nature of your business activities and financial transactions, ensuring transparency and reducing the risk of fraudulent activity.
Maintaining a Secure Financial Environment
By reviewing your bank statement, we can better understand your financial operations and ensure a secure environment for all Cedar users, protecting both businesses and clients from potential risks.
Data Security:
Rest assured, all information provided, including your bank statement, is handled with the highest level of security. Your data is encrypted, stored securely, and only accessed by authorized personnel for verification purposes.
Conclusion:
Submitting a bank statement is a necessary step to verify the legitimacy of your funds and ensure that you meet all regulatory requirements. This helps Cedar maintain a safe, secure, and compliant platform for all users.
If you have any questions or need assistance with submitting your bank statement, feel free to contact our support team at support@cedar.money.