If you’re starting a gym membership or opening a bank account, you’ll sometimes need to provide supporting documents. The same is true for money transfers. Depending on the precise nature of your transfer, we’ll need a few more details about your identity, funds or address.
Continue reading to discover the documents we sometimes need to protect your money, information and identity.
Keeping your money safe from fraudsters and scammers
According to Action Fraud, online scams in the UK amounted to over £2.3 billion in 2020 alone. That’s why we’re particularly vigilant when it comes to spotting potential frauds. Asking the right questions helps keep your money safe and beyond the reach of scammers. The first step in protecting you is getting to know you better.
The ‘Know Your Customer’ policy
As a regulated financial provider, we need to know who’s using our service. That’s why we adhere to Know Your Customer (KYC) standards.
The KYC policy is designed to protect financial institutions and customers against fraud, corruption, money laundering, and terrorist financing. The standards involve several steps, including:
- Establishing our customers’ identities.
- Understanding the nature of our customers’ activities.
- Qualifying that the source of funds is legitimate.
- Assessing money laundering risks associated with our customers.
If you’re sending money to loved ones, discover more reasons why your money is always secure with Azimo.
Why we ask for proof of identity
We sometimes need to ask for extra proof of ID so that we can verify who you are. Knowing for certain who you are makes it easier to keep track of your transfer. It also helps us amend any issues that might arise during the transfer. Valid proof of identity documents include:
- A passport (photo page only).
- A national identity card.
- A driver’s licence.
- A residence permit card.
- A certificate of identity/alien’s passport.
For more information, visit Azimo’s support page on proving your identity.
Why Azimo asks for proof of address
Asking for proof of address is a step that Azimo sometimes has to take. That’s because it’s a legal requirement in some of the countries we operate in. Confirming your address helps us fulfil this obligation and makes your transfer proceed smoothly. Acceptable proof of address documents include recent:
- Gas, electric, water, or landline phone bills.
- Bank statements.
- HMRC letters.
- Provisional driving licenses.
- Government-issued documents.
- Mobile phone bills.
- Landlord letter and rental statement.
- Tenancy agreement.
For more details, visit Azimo’s support page on proving your address.
Why we ask for proof of funds
If you’re transferring large amounts, Azimo may need to check that you’ve got the available funds. So double-checking that the money’s there helps both you and the recipient by avoiding any delays later on. Proof of funds could be:
- A payslip.
- A bank statement.
- A credit card statement.
- Bank loan documents (including mortgages).
For more information, visit Azimo’s support page on proving your funds.
Register with Azimo today, and you’ll get your first two transfers fee-free (five for Azimo Business customers). Download the Azimo app on iOS or Android and enjoy Azimo’s market-leading rates and low, transparent fee on international money transfers.
