Why is 3S Money asking me to provide information about the nature of my business activity?

In short, it’s our regulatory obligation to request these documents. As an electronic money institution (E-Money Institution for short, or EMI even shorter), we’re regulated by the UK’s Financial Conduct Authority (FCA), a conduct regulator of 51,000 financial services firms and financial markets in the UK. You can view our FCA registration here.

 

As part of its operating remit, the FCA is committed to combating money laundering and other financial crime. To do this, its member firms and individuals must carry out their own due diligence measures. These anti-money laundering procedures, called Compliance and Know Your Customer, determine who their clients are and that the money they’re working with has been legally acquired. 

 

At 3S Money, we combine a human and risk-based approach to our compliance and KYC checks. This allows us to work with clients in high-risk countries, but not high-risk industries. However, to do this we need to gather as much documentation as possible about your company: your shareholding structure, your product or services, where your customers are and which currencies you’ll be sending and/or receiving. Compiling these documents and information may be time consuming, but it’s worth it. 

 

The other reason these documents help is that they allow us to provide you with a better service. Our Personal Client Managers specialise in providing the best solutions and so, the more information we have, the more we can help: suggesting the best accounts to open, the best currencies to use and more. 

 

For example, discover how we helped recruitment and HR solution WorkDAO to offer their clients a new working vision in a post-Covid world here.

First published on 21/02/2022.