UKKO Light entrepreneur with a business ID asks for customer KYC data because we offer payment services. Payment service providers are reporting agents within the meaning of the Money Laundering Act and are obliged by law to ask for information about the customer's activities, the nature and extent of their activities and their financial situation.
Reporting agents are required to know the activities and background of their customers to the extent required by the customer relationship and the use of the services. The regulation and the instructions of the authorities are the same for all reporting agents, but the way and the time at which the information is requested may vary.
How often is KYC data asked?
KYC data is always requested before a customer relationship is established and is updated at regular intervals throughout the customer relationship.