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PAY. often hears that certain identification and other procedures, especially the UBO registration, are left out by other organisations in our sector. Although this will initially result in less administrative runaround for you and probably makes it easier for these organisations to attract new customers, these practices are in violation of applicable legislation (including the aforementioned Financial Supervision Act, Money Laundering and Terrorism Financing Prevention Act and Sanctions Act).

In addition to PAY.'s compliance with applicable laws and regulations, we have also signed contracts with many payment options that make us responsible for your acceptance as a client and for overseeing compliance with the relevant laws and regulations. We have developed excellent relationships with the various payment options we offer. They can rest assured that any PAY. client has had their compliance fully vetted. You do not have to worry about a thing, either; consumers know that paying via PAY. is both safe and reliable.

Financial terminology

CDD

Customer Due Diligence, or the “know your customer” principle. As a payment organisation, it is our responsibility to know our clients and avoid any and all dealings with persons who might harm the trust in the financial organisation. The client investigation consists of multiple components:

• Identifying and verifying clients;
• Identifying and verifying the ultimate beneficial owner (UBO);
• Determining the purpose and nature of the professional relationship;
• Monitoring and reviewing clients and transactions.

Compliance

Stimulating and overseeing compliance with external and internal regulations that are relevant to the integrity of our organisation.

Integrity

The character trait of an individual or an organisation that makes it honest and genuine. Integrity is also associated with professional responsibility, incorruptibility and rectitude.

PEP

A Politically Exposed Person. A PEP is someone who is not a resident of the Netherlands or a Dutch resident who does not possess Dutch nationality. The following officials are classified as PEPs:

• Heads of state, government leaders, ministers, secretaries of state;
• Members of Parliament;
• Members of high judicial organisations;
• Ambassadors, high-ranking armed forces officers;
• Managers of government organisations and supervisory bodies.

Direct family members of the aforementioned officials are also classified as PEPs.

Authorised signatory

A natural person who is authorised to sign on behalf of the organisation according to the organisation’s trade register registration (the KBO in Belgium). If someone has the status of “joint authorised signatory,” there are two people who must sign.

UBO

As a payment organisation, we identify the Ultimate Beneficial Owner for all our clients. The ultimate beneficial owner is always a natural person. The identification of the UBO is a legal requirement. The legal definition of an ultimate beneficial owner is a natural person who:

1. Holds a stake of more than 25% in the client’s capital;
2. Can exercise more than 25% of the voting rights during the client’s general meetings;
3. Can exercise effective control over the client;
4. Is a beneficiary of 25% or more of the client or trust’s capital; or who can exercise special control over 25% or more of the client’s capital.