Why do I need to update my information for my Selma account?
This is a requirement from regulatory authorities under AML (Anti-Money Laundering) and FINSA (Financial Services Act) regulations. We need to keep our client information updated for KYC (Know Your Customer) purposes.
One of the ways we ensure that your money is secure is through this process.
What information will I need to update?
You need to update or simply confirm following data:
Personal information
Job information
Regulatory information
Financial information
How do I update my information?
Start in the Selma mobile app for iOS or Android.
The app will lead you through the information you need to confirm or add, up until you've completed filling the forms. It's designed to be user-friendly and intuitive, allowing you to confirm or update your personal and job information swiftly.
Haven’t used Selma’s mobile app so far? This is a great reason to start!
What happens if I have a problem?
Please contact customer support in the chat. We are happy to help with all problems.
When do I need to complete this update by?
You need to update your personal information within 45 days to make sure your account will stay active.
It is possible that we will have to do additional clarifications afterwards. These must be completed within a further 45 days.
What happens if I don't update my information?
If you do not update your information in time, Selma will not be able to continue managing your money the way she is now. We will only be able to sell your investments but won't be able to buy anything.
Will I still be charged Selma’s asset management fees if my account gets blocked?
Yes, Selma's asset management fees will still apply even if you don't complete the update.
How do I know if I'm one of the clients who need to update their information?
We will send you emails, push notifications, SMS and you'll see the reminder for updating your information in the app every time you log in.
I recently updated my financial information. Do I need to go through this process again?
If you updated your information lately, you will not need to update your financial situation again. However, we'll inform you if you need to renew your financial details.
I only use the web app. How will this process work for me?
If you have no way of installing Selma’s mobile app for iOS or Android, please contact customer support. We will provide you with an option to update your information manually.
I have updated only part of my information. Is that enough?
No, you must confirm and update all details. If you leave the process midway, all entered information will be saved automatically, and you can continue from where you left off when you return. But keep in mind, you need to finish the entire update to comply with regulatory requirements.
What happens if I don’t have access to my registered phone number anymore (2FA)?
Please contact customer support in the chat. We are happy to help you.
I have withdrawn all my money already and my account is empty?
If you withdraw all your funds but choose not to close your account, it remains active for possible future transactions. This way, should you decide to deposit funds again later, the process is easy for you – you wouldn't have to open a new account from scratch.
However, you will have to update your current client details to keep your account open, or close your account. If you want to close your account, please get in touch with our customer support via chat.