In the world of financial services, everyone must do their bit to protect the banking system against financial crime. In line with our regulators , the GFSC (Gibraltar Financial Services Commission) and UK Government guidelines , all authorised firms must have systems and controls in place to mitigate the risk that they might be used to commit financial crime. This could be money laundering, fraud, identity theft or terrorist financing, to name a few.
To do this, it is our responsibility to carry out customer due diligence checks when prompted by our payment providers. This additional information is on top of the standard KYC (know your customer) checks that are automatically carried out when you sign up. We appreciate that this can be inconvenient, but to put it frankly, it’s the law and Suits Me must comply with failure to do so , risking fines for the company and legal consequences for our employees.
Is this in your Terms & Conditions?
Yes, this is in line with section 5 of the terms and conditions you agreed to when you signed up for a Suits Me account.