myPOS Service is designed for business purposes and may be used by individuals or entities. In case you are registering for and/or using myPOS Services on behalf of an entity we will treat you as authorised person and you may be obliged to disclose to us personal data of the legal representatives, the employees, the agents, the beneficial owners or any other third-party related to the entity.
In accordance with our legal obligations under the relevant Anti-money laundering and anti-terrorism financing regulations (or AML/CFT laws), we are obliged to verify our customer’s identity or the identity of the authorised user who is opening the Account.
We are bound by the law to identify and verify the owner of the Account (an authorised person from the company) and since the individuals are not always able to upload the required information on their own, we do it instead. In an online environment, we've implemented a video identification chat following the best practices. We do this for our clients’ convenience.
The AML/CFT laws, in broad terms, require financial institutions and other entities that are at risk of being used as a tool to launder money or finance terrorism, to:
- identify their clients, which means that the obliged entity must ask the client to provide his/her personal details.
- verify their identity, which means that the obliged entity must “check” that the personal details of the person are not falsified, forged, stolen or similar.
When the process above is done on a non-face-to-face principle, such as through an app, we must ensure that the verification of the client’s identity must be done with at least two technical measures.
The video-chat functionality and the requirement to take photos of our clients and their ID is at this time the fastest, legal customer-friendly way to provide our services to you.