Why do I have to send in the documents once again if my account was been verified upon the conclusion of the agreement?

The obligation to update the information periodically is stipulated in the act of 1 March 2018 on counteracting money laundering and terrorism financing. The Merchant’s cyclic verification process is a procedure aiming to check if the entity’s data are up to date and credible as well as whether the Merchant’s account is still active. Payment institutions regularly perform such processes to make sure that their clients meet the statutory requirements.

Cyclic update may encompass various actions, e.g. sending copies of IDs, verification of contact details, addresses or provision of documents confirming the conduct of business activity. Periodic verification may take place at various time intervals, depending on the type of business, business model or following the changes taking place on the part of the Merchant.