Why we might ask for additional information after your AML answers
We understand that answering questions can take time, and you might wonder why we need additional information even after you've already provided some details. Here's a quick explanation:
What are AML laws?
AML stands for Anti-Money Laundering. These are laws in place to help prevent criminals from using the financial system to hide illegal money. As a regulated financial institution, we have a legal responsibility to follow these laws and do our part to stop money laundering from happening.
Why do we sometimes need more information?
Sometimes, based on your answers to our initial questions, we might need a little more information to fully understand your business and its activities. This helps us comply with AML regulations and ensures we're doing our best to identify and prevent any potential risks.
What kind of information might we request?
The specific information we need will vary depending on your unique business. However, it could include things like:
Copies of official identification documents: This helps us verify the identities of the people behind the business.
Proof of business address: This helps us confirm the legitimacy of your business location.
Documents related to your business activities: This could include invoices,contracts, or other paperwork that helps us understand the nature of your business transactions.
What happens if I don't provide the information?
Unfortunately, if we don't receive the requested information, we may not be able to proceed with your application or continue providing services. This is because we have a legal obligation to comply with AML regulations.