CleverCards is an e-money distributor, and as such is subject of anti-money laundering regulations which aim to combat money laundering and terrorist financing by EU member states.
The anti-money laundering regulations require CleverCards to ‘Know Your Customer' (KYC) or 'Know Your Business’ (KYB) and as part of this process, we are obliged to source significant levels of information to verify the identity of our clients/customers.
These KYB/KYC checks remove the risk of onboarding customers involved in money laundering, fraud or other illegal activities like financing terrorism.
It also allows us to identify a politically exposed person, such as someone working in public office, who could be a target for bribery or corruption before onboarding them.
As a regulated financial services provider, adhering to anti-money laundering regulations is mandatory for us in managing your CleverCards Mastercard.
KYC is necessary for CleverCards for compliance and our commitment to AML (anti-money laundering). Also, since it is a financial device, it is also crucial to curb fraudulent transactions and criminality. This is why a proof of documentation could be required for the use of your funds.
However, you can decline KYC and receive a refund for your purchase within 3-5 business days.
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