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"Know Your Customer" principle: “NEO Finance” asks customers to update their data 2020-07-27

"Know Your Customer" principle: “NEO Finance” asks customers to update their data

In order to ensure the requirements of the current Law on the Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania, “NEO Finance” is obliged to apply the “Know your customer” principle in its activities. For this reason, “NEO Finance” requests its customers to update the information provided to the Company within 60 calendar days.

The company not only provides mutual lending services to customers, but also opens electronic money accounts, enables to invest and make monetary transactions, therefore they must take extremely responsibility for the security of customers personal data and follow the applicable legal requirements.

The members of “NEO Finance” are requested to complete a customer and beneficiary identification form, which they will find when logging in to the “NEO Finance” system account.

We invite you to find out why we need this operation below:

Why do we need to "Know our customer"?

“NEO Finance” must protect its customers and prevent money laundering, terrorist financing, theft of personal data and other financial fraud.

Therefore, in accordance with the Law of the Republic of Lithuania on Prevention of Money Laundering and Terrorist Financing, we are obliged to know and analyze the client's activities, know what the client's beneficiaries are, constantly monitor the client's business relationships and understand the client's funds and income.

What happens if I do not provide the requested information?

If you do not provide the required information, “NEO Finance” may not execute or suspend the customer's operations or transactions, and may terminate the business relationship with the customer. We would be forced to do so in order not to violate the requirements of the Law of the Republic of Lithuania on the Prevention of Money Laundering and Terrorist Financing and other relevant legal acts.

What is the most important thing I need to know?

This is the fulfillment of a duty of law. Please complete the form in accordance with the legal requirements applicable to us. Such legal requirements apply to all financial institutions of the Republic of Lithuania. As a financial institution that opens electronic money accounts for customers and conducts monetary transactions, we must responsibly take care of the security of our customers' data and the prevention of money laundering and terrorist financing.

Confidentiality and security guaranteed. The Company ensures that the information and data related to business relations provided by customers are protected as well as any other confidential information as provided for in the legal acts of the European Union and the Republic of Lithuania.

Please provide updated information within 60 calendar days.

 

Thank you in advance for your cooperation.

If you have any questions, always contact info@neofinance.com

You can read more about the requirements of the Law on the Prevention of Money Laundering and Terrorist Financing and the "Know Your Customer" principle here.

“NEO Finance” team

published:
2020-09-20
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