KYC requirements (Know your customer)
Updated at: 04/15/2019

Paygety OÜ (hereinafter: PG) is a company that provides virtual currency exchange services and operates on the web platform

In order to provide the best service and ensure trustworthy operation of the financial sector, PG follows principles and commitments: Know Your Customer (KYC).

According to the Money Laundering and Terrorist Financing Prevention Act, effective in the Republic of Estonia, and other legislation established in the European Union, the financial institutions, operating in Estonia, are obliged to establish the identity of their customers. In order to fulfill our obligations, we may ask you additional questions or ask for supporting documents.

Under the intergovernmental agreement between Estonia and USA, based on the Foreign Account Tax Compliance Act (FATCA) of USA, Estonia undertakes to provide to USA information on USA taxpayers (US citizens and residents for tax purposes; the persons who are entitled to settle in the USA at any time (Green Card); US registered companies e.t.c) based in Estonia. Although PG is not an accountable financial institution in the sense of the Tax Information Exchange Act complying with the FATCA agreement in Estonia, PG will transmit the mentioned data in case of receipt of a corresponding request.

The entire information submitted to us by the client is confidential and we are allowed to forward it only in cases prescribed by law. Upon receipt of a request for information, PG verifies its legal basis, and the existing information about the customer or its transactions is issued only to the extent that it corresponds to the legislative basis.

To give access to the provided services and to protect the interests and rights of customers and PG and fulfil the contractual requirements, PG collects and processes the identification data of the service user (name and other personal data, contact details, documents used for verification), transaction data (platform transactions and card payments), data of the concluded contracts and collected in the communication with the advisory centre (customer support), but also data related to the Customer’s location (country, region, address) and their legal persons (entrepreneurship) and tax residence data (country of residence, tax identification number and country, citizenship), data about the customer’s assets or the origin of transactions (business partners, field of activity, relation with the public authority or politically exposed persons) and data collected from third parties (public registries), which are used to fulfil the statutory diligence requirements, in particular to fulfil Money Laundering and Terrorist Financing Prevention Act and to ensure the compliance of customers and transactions with the restrictions imposed by international sanctions.

Creating a PG customer account customer must submit via e-mail, via exchange platform questionnaire or via automated verification procedure:

First name and surname; personal code; name, number, date of issue, name of issuer of the person’s identification document; address of residence; contact telephone number; e-mail address; occupation or field of activity; a copy of the travel document’s page with a photo

Name and registry code of legal entity; postal address; contact telephone number; e-mail address; field of occupation; representatives first name and surname, personal code or date of birth; the basis of the right of representation, in the case of an authorized person – a notarized authorization.

First name and surname; personal code and date and place of birth; name, number, date of issue, name of the issuer of a travel document; contact telephone number, e-mail address, address and postal address of the residence; address of location when creating a customer account; occupation or field of activity; information as to whether the person is fulfilling or has fulfilled the essential functions of the public authority, or is a close associate or a family member of a performer of the essential functions of public authority (i.e., a person of the national background within the meaning of the Money Laundering Act); a copy of the travel document’s page with a photo, and, if necessary, of a visa or temporary residence permit.

Name and registry code of a legal entity; domicile, name and web-address of the registry in the state of location; the current printouts of registries, certificates from the tax authorities of CIS and offshore countries; information about actual beneficiary; postal address; place of business address; contact telephone number; e-mail address; field of activity; details of the bank account(s); first name, surname, personal code or date of birth of a representative; the basis of the right of representation, in the case of an authorized person, a document certifying the right of representation certified by a notarized or equivalent procedure and certified or approved by a certificate replacing the legalization (apostille), unless otherwise provided by an international agreement. Notarized copies of the afore-mentioned documents must be sent by post.

In the case of transactions exceeding EUR 15000 (or an equivalent amount in another currency) or unusual transactions, as well as the need for reinforced control arising from the profile of the customer, PG may request additional information from the customer (explanation of the transaction, certified statement of bank account, residence bill, additional ID, etc.).

Data submitted by the customer or his representative, a copy of the identity document of the customer or his representative and other documents required by the PG guidelines or on the basis of the Act of AML shall be stored digitally or on paper for at least 5 years after the termination of the contractual relationship with the customer.