Keeping your details up to date
When you sign up for an iZettle account, we’ll ask you a number of questions and we’ll continue to do so every now and then as time goes by. Sometimes we do this in your app, sometimes in your back-office, and occasionally by email or by phone.
We take your safety very seriously and these questions help us to protect you. We also use them to filter out any iZettle account holders that are attempting to engage in dishonest or illegal practices. That’s why we need to ask everyone these questions, without exception. When you answer our questions, you help us protect your identity and prevent criminal activity.
What kind of questions do we ask?
Here are some examples of the information we need:
- What are you using our services for?
- What is the ownership structure of your company?
Identification and verification
We might also ask for documentation of the registration of your company and check that you have the right to represent the company. Other documents we ask for are documents that can confirm your identity and your address, such as:
- a copy of your passport
- driving license
- any other official photo ID.
iZettle is a financial company regulated by the Swedish Financial Supervisory Authority (SFSA) and is therefore required by law (The Swedish Act (2017:630)) to have knowledge about our customers and what our services are being used for during the whole business relationship. iZettle is actively working to protect our merchants, the company and society by preventing criminal activities such as money laundering, terrorist financing, etc.
Put simply, we ask you personal questions because it is a regulatory requirement and part of our social responsibility to counteract criminal activities. That’s why we reach out to you at different times, we don’t send questions to all users simultaneously and the questions might vary from one user to another.
I have been a customer for several years, why do I need to answer these questions or send more documents
All financial institutes in Sweden, such as banks, payment providers, etc. need to have updated information about their users throughout their relationship. This is according to the Swedish AML act (2017:630) and the complementing Swedish Financial Supervisory Authority’s (SFSA) General Guidelines, which govern measures against money laundering and terrorism financing. We ask these questions to all of our users, when they’re new and as time goes by.
Why has my account been paused?
If we have not received the documents we requested or answers to the questions we have asked, we will sometimes temporarily pause customers’ accounts. This because, according to Swedish law, we are not allowed to provide our services to a user if we don’t know who they are or what they’re using our services for. When we have received sufficient answers or the documents that we have requested, we will reactivate your account.
I feel that some of these topics infringe on my privacy. Are you really allowed to ask them?
In order to safeguard the trust we have as a social actor, we are required to ask these questions. All banks and other financial institutions in Sweden are, according to the Act on measures against Money Laundering, obliged to have good knowledge of their customers. The authorities therefore demand that we collect this information about our customers, and when you answer the questions, you help us behave responsibly and prevent criminal activity. We know that almost all of our users are honest, but in order to discover the few that are not, we ask questions to everyone these questions, without exception. You should know that we do not ask these questions because we are in some way suspicious of your business in particular.
Can I answer these questions later/can I provide the documents later?
Yes, you can answer our questions/send the requested documents at any time you want. However, if we have not received a response within 30 days of the first email/notification being sent, we will have to pause your account until we have received the requested answers/documents.
Do I have to answer these questions/do I have to give you these documents?
Yes, all customers have to answer these questions. It is our duty as a financial institution and as a responsible social actor to ask these questions to all our customers. All banks and other financial institutions in Sweden are, according to the Act on measures against money laundering, obliged to have good knowledge of their customers.
You have already asked me similar questions/asked for similar documents recently, why are you asking these
questions/requesting these documents again?
We need to ask you these questions regularly, as the authorities require all Swedish banks and other financial institutes to update their customer information. Our main purpose is to safeguard your financial interests and protect you from criminal activity such as identity theft, fraud and so-called phishing (information fishing). At the same time, according to the Act on measures against money laundering, we are obliged to have good knowledge of our customers. We ask these questions to all our customers, both new and existing, no matter how long they have been customers with us. If you have recently responded to similar questions, we apologise, but we are required to gather your answers. If you know all the answers, it should not take more than a few minutes.
Do all financial institutions ask these questions?
Yes, all banks and other financial institutions in Sweden are obliged to have good knowledge of their customers, according to the Act on Measures Against Money Laundering. Therefore, the authorities demand that all banks and other financial institutions ask their customers these questions. How and when they do this can be a little different but the Government demands are the same for all.
What do you use this information/these documents for?
We use the information to get to know and understand our customers in order to be able to safeguard their financial interests and discover any criminal activity. We do this to protect you as a customer and society as a whole. We know that most of our customers are honest. All banks and other financial institutes in Sweden are, according to the Act on measures against money laundering, obliged to have good knowledge of their customers. The information is used to update our customer systems to achieve the requirements of good customer knowledge. It also facilitates our work on following up controls against sanction lists, ie. lists of persons and companies that are subject to sanctions decided by The EU etc.
What happens if I don’t answer these questions/do not provide you with the requested
If you do not answer all the questions, it may ultimately mean we will not be able to offer you all our services or that we cannot give you the support you need.
Who can see my answers/documents?
The information you provide to us is strictly confidential in accordance with the rules of bank secrecy. We also follow the Personal Data Protection Act.
What can I upload as Letter of Authorisation?
You can give authorisation to someone to act on behalf of your company in handling all matters related to your iZettle account. Please open the email survey we sent you and upload the power of attorney document or any document for this purpose that contains your name, your business’ name, your signature, and the person’s name you would like to give authorisation to. You can also use our template.
I made some mistakes that I would like to correct. How do I do that?
Please contact our support team via phone or via email.