myPOS services are designed for business purposes and can be used by both individuals and entities. When you register for and/or use myPOS Services on behalf of an entity, we treat you as an authorised person, and you may need to provide personal data of the legal representatives, employees, agents, beneficial owners, or any other third-party related to the entity.
AML/CFT Regulations:
In accordance with our legal obligations under Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) regulations, we are required to verify our customer's identity or the identity of the authorised user who is opening the account.
Identity Verification:
We must identify and verify the account owner (an authorised person from the company). Since individuals might not always be able to upload the necessary information themselves, we facilitate this process by implementing a video identification chat following best practices. This process is designed for our clients' convenience.
GDPR Compliance:
The verification process, including taking pictures of clients and their ID documents, is GDPR-compliant. The AML/CFT laws broadly require financial institutions to:
Identify their clients by asking for personal details.
Verify their identity to ensure the provided details are not falsified, forged, stolen, or similar.
Non-Face-to-Face Verification:
When verification is done through non-face-to-face methods, such as an app, we must use at least two technical measures. The requirement to take photos and the video identification option are currently the fastest, legal, and customer-friendly ways to provide our services.