Our Compliance team requires a few documents in order to complete the registration process and become "fully verified". Whilst we completely understand that this may be rather inconvenient for some clients, it is a crucial part of our compliance obligations and plays an important role in ensuring that our company maintains its integrity and responsibility.
As a financial services provider working with a regulated card issuer, we have to comply with Anti-Money Laundering Regulations which require businesses like ours to carry out due diligence with regard to the identity of clients among other things to prevent the risk of criminal enterprises using our service to "clean" money obtained illegally or to finance terrorist organisations.
The Money Laundering Regulations oblige Soldo to determine the corporate structure and the ultimate beneficial owners (UBOs) of all clients and to maintain basic records concerning the owners, board members and directors. The copies of these documents are stored and handled confidentially and securely and are kept purely for the purpose of legal compliance.