Why do we ask for ID documents of directors / shareholders?

Tijana N.
Tijana N.
  • Updated

At TransferGo, ensuring compliance with financial regulations is paramount. We adhere to regulations set forth by HMRC, FCA, and the Bank of Lithuania (BOL), including mandatory KYB ("Know Your Business") procedures for all businesses onboarded onto our platform.

KYB procedures, required by regulatory authorities for banks and financial institutions, involve verifying the identities of businesses and their key personnel, such as directors and shareholders. This includes requesting ID documents to ensure transparency and accountability.

By gathering comprehensive information, we mitigate risks associated with illicit activities. Your cooperation in providing these documents is crucial in maintaining a secure and compliant financial environment.

At TransferGo, we are committed to providing fair and transparent services while upholding regulatory standards.