All about compliance checks
Why is my account subject to compliance checks?
Financial institutions are legally required to perform compliance checks. These checks help prevent money laundering, fraud, and other financial crimes, ensuring the security and integrity of the financial system.
What are compliance checks, and how do they work?
Compliance checks involve verifying the information provided during the account opening or usage. This typically includes confirming your identity, understanding the source of your funds, and reviewing account activity. Documentation may be requested, and verification is carried out through secure, regulated procedures.
What documents might be required?
The most commonly requested documents include:
- A valid government-issued ID (e.g., passport or driver's license)
- Proof of address (e.g., utility bill, lease agreement)
- Information about the origin of any funds or transactions
Timely submission of these documents helps avoid account interruptions.
What happens if I don’t provide the requested documents?
Failure to provide the necessary documentation may result in:
- Temporary restrictions on transactions
- Suspension of certain account features
- In some cases, account closure
These measures remain in place until the required information is received and verified.
How long do compliance checks take?
The time required can vary depending on the complexity of the review and how quickly documents are submitted. Most checks are completed within a few business days to minimize disruption.
Are compliance checks routine?
Yes. Compliance reviews are a standard part of financial services and are performed regularly to meet legal obligations and maintain security.
Is personal information safe during the process?
Yes. Financial institutions are obligated to protect personal data using strict security protocols. All information and documents submitted are kept confidential and handled in compliance with data protection regulations.