{"id":25863,"date":"2025-10-01T12:55:18","date_gmt":"2025-10-01T11:55:18","guid":{"rendered":"https:\/\/monta.com\/en\/?page_id=25863"},"modified":"2025-10-01T13:04:21","modified_gmt":"2025-10-01T12:04:21","slug":"customer-due-diligence-faq","status":"publish","type":"page","link":"https:\/\/monta.com\/en\/legal-risk-compliance\/customer-due-diligence-faq\/","title":{"rendered":"Customer Due Diligence FAQ"},"content":{"rendered":"<section aria-label=\"Customer Due Diligence FAQ\" class=\"bg-transparent text-charcoal  rounded-section\">\n    <div class=\"max-w-4xl mx-auto text-center\">\n                                    <h1 class=\"h1 mb-10\">\n                Customer Due Diligence FAQ            <\/h1>\n                                    <\/div>\n<\/section>\n\n<section aria-label=\"General\" class=\"md:px-42 bg-transparent rounded-section \">\n<div class=\"grid grid-cols-1 md:grid-cols-12 md:mb-31 mb-10\">\n     <h2  class=\"h2  mb-7 md:mb-0  col-span-12 mx-auto \" >General <\/h2>     <\/div>\n<div class=\"w-full md:w-3\/4 mx-auto\">\n    <div class=\"faq-wrapper border-faded-grey-horizontal border-b-0 border-t-1 mt-11\">\n                        <faq title=\"Why is Monta requesting personal or business information?\" content=\"&lt;p&gt;Monta must verify the identity of all customers to comply with its financial crime prevention framework. This process helps prevent fraud, money laundering, and terrorist financing, and ensures that our platform operates securely and in line with international standards.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"Is Monta a regulated financial institution?\" content=\"&lt;p&gt;Monta is not a licensed financial institution. However, as a payment services provider operating in the EU, Monta is subject to EU AML requirements and applicable e-money\/payment services regulations; Monta performs KYC (Know Your Customer) in its own right and in line with partner obligations. We also voluntarily align with international best practices, including the Financial Action Task Force (FATF) recommendations.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"What happens if I don\u2019t provide the requested information?\" content=\"&lt;p&gt;Verification is mandatory. If you decline or fail to provide the required information, Monta cannot initiate or maintain your account. You will lose access to Monta\u2019s services. Verification must be finalized and approved before you can perform any money-movement activities on our platform.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"Is verification a one-time requirement?\" content=\"&lt;p&gt;No. KYC is an ongoing obligation. Monta may request updated or additional information at any point during the customer relationship, particularly if your details change or new risk factors are identified.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n            <\/div><\/div>\n<\/section>\n\n<section aria-label=\"For Individual Users (Natural Persons)\" class=\"md:px-42 bg-transparent rounded-section \">\n<div class=\"grid grid-cols-1 md:grid-cols-12 md:mb-31 mb-10\">\n     <h2  class=\"h2  mb-7 md:mb-0  col-span-12 mx-auto \" >For Individual Users (Natural Persons) <\/h2>     <\/div>\n<div class=\"w-full md:w-3\/4 mx-auto\">\n    <div class=\"faq-wrapper border-faded-grey-horizontal border-b-0 border-t-1 mt-11\">\n                        <faq title=\"What kind of verification is required from individual users?\" content=\"&lt;p&gt;You must verify your identity with a valid government-issued identification document (electronic ID where available, or physical ID). Depending on your risk profile, additional information such as proof of address or source of funds may be required.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"How is my data handled?\" content=\"&lt;p&gt;All personal data is processed under GDPR and applicable law. Data is encrypted, stored securely, and accessible only to compliance-authorized personnel. Data is not used for marketing. It is used for risk assessment and compliance screening, including sanctions and adverse-media checks.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"How long do I have to submit the requested information?\" content=\"&lt;p&gt;Once a KYC request is triggered, your account is suspended until verification is complete. You have 30 days to provide all required information. If not completed within 30 days, Monta may close the account and retain data as required by law.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"Do I need to notify Monta if my details change?\" content=\"&lt;p&gt;Yes. If your personal details change, you must update them within the Monta Charge App, whether it is change of residential address, identification documents, or contact information.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"Can I be denied access based on my country of residence or behavior?\" content=\"&lt;p&gt;Yes. Access may be restricted if you reside in a high-risk jurisdiction or if your activity triggers risk-based controls. These measures are rare but necessary to maintain compliance and platform integrity.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n            <\/div><\/div>\n<\/section>\n\n<section aria-label=\"For Business Customers (Legal Entities)\" class=\"md:px-42 bg-transparent rounded-section \">\n<div class=\"grid grid-cols-1 md:grid-cols-12 md:mb-31 mb-10\">\n     <h2  class=\"h2  mb-7 md:mb-0  col-span-12 mx-auto \" >For Business Customers (Legal Entities) <\/h2>     <\/div>\n<div class=\"w-full md:w-3\/4 mx-auto\">\n    <div class=\"faq-wrapper border-faded-grey-horizontal border-b-0 border-t-1 mt-11\">\n                        <faq title=\"What business verification is required?\" content=\"&lt;p&gt;Monta must confirm the legitimacy of the business, identify and verify all Ultimate Beneficial Owners (UBOs), and conduct verification of all key representatives and controlling individuals. You must promptly notify Monta of changes to ownership (including percentage changes), directors, authorized representatives, registered address, or control.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"What documents will Monta ask for?\" content=\"&lt;p&gt;Commonly required items include:&lt;\/p&gt;\n&lt;ul&gt;\n&lt;li&gt;Organizational chart identifying ownership and control&lt;\/li&gt;\n&lt;li&gt;Valid company statutes or articles of incorporation&lt;\/li&gt;\n&lt;li&gt;Proof of incorporation and registered address&lt;\/li&gt;\n&lt;li&gt;Identification documents for UBOs and directors&lt;\/li&gt;\n&lt;li&gt;Details of controlling individuals or board members&lt;\/li&gt;\n&lt;\/ul&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"Who qualifies as an Ultimate Beneficial Owner (UBO)?\" content=\"&lt;p&gt;Any individual who directly or indirectly owns or controls at least 25% of the shares or voting rights, or otherwise exercises control through other means.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"Is UBO identification mandatory?\" content=\"&lt;p&gt;Yes. UBO identification is a core requirement under AML standards and cannot be waived.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"How is business data secured?\" content=\"&lt;p&gt;All business documents are uploaded via secure channels and stored in encrypted environments. Only compliance-authorized personnel have access.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"Can businesses use intermediaries or third parties to submit information?\" content=\"&lt;p&gt;Only verified representatives with documented authority may submit information on behalf of a business entity.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"What if the ownership structure is complex or layered?\" content=\"&lt;p&gt;Monta may request additional documentation (e.g., shareholder registers, subsidiary incorporation documents) to fully understand and verify the ownership and control chain.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n            <\/div><\/div>\n<\/section>\n\n<section aria-label=\"Compliance and Legal\" class=\"md:px-42 bg-transparent rounded-section \">\n<div class=\"grid grid-cols-1 md:grid-cols-12 md:mb-31 mb-10\">\n     <h2  class=\"h2  mb-7 md:mb-0  col-span-12 mx-auto \" >Compliance and Legal <\/h2>     <\/div>\n<div class=\"w-full md:w-3\/4 mx-auto\">\n    <div class=\"faq-wrapper border-faded-grey-horizontal border-b-0 border-t-1 mt-11\">\n                        <faq title=\"What legal basis does Monta rely on to request this information?\" content=\"&lt;p&gt;Monta operates under EU AML Directives, as well as obligations imposed by our licensed financial partners. These require us to verify customers, identify UBOs, and monitor for suspicious activity.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"Under what circumstances might Monta suspend or terminate my account?\" content=\"&lt;p&gt;Circumstances include:&lt;\/p&gt;\n&lt;ul&gt;\n&lt;li&gt;Failure to provide or update KYC information&lt;\/li&gt;\n&lt;li&gt;Suspicion of fraud, money laundering, or terrorist financing&lt;\/li&gt;\n&lt;li&gt;Match against international sanctions lists&lt;\/li&gt;\n&lt;li&gt;Refusal to cooperate with compliance requests&lt;\/li&gt;\n&lt;\/ul&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"Is participation optional?\" content=\"&lt;p&gt;No. Declining to provide required verification prevents Monta from offering or continuing services.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"Will I be contacted if my documentation is insufficient?\" content=\"&lt;p&gt;Yes. Monta\u2019s compliance team will notify you directly if additional information or clarification is required.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"Will I need to provide information again in the future?\" content=\"&lt;p&gt;Yes. Monta conducts periodic KYC refreshes and may request documents again, especially for higher-risk customers or when significant changes occur.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"How long does Monta retain my data?\" content=\"&lt;p&gt;KYC data is retained for a minimum of five years after the end of the business relationship, unless longer retention is required by law. Data is then securely deleted.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"How does Monta handle data breaches?\" content=\"&lt;p&gt;Monta maintains technical and organizational measures to protect data. In case of a breach, we will notify affected customers without undue delay, in line with GDPR obligations.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"What are my GDPR rights?\" content=\"&lt;p&gt;You may request access, rectification, or deletion where legally permissible. Certain rights may be limited due to AML record-keeping obligations.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n            <\/div><\/div>\n<\/section>\n\n<section aria-label=\"Sanctions and Restricted Use\" class=\"md:px-42 bg-transparent rounded-section \">\n<div class=\"grid grid-cols-1 md:grid-cols-12 md:mb-31 mb-10\">\n     <h2  class=\"h2  mb-7 md:mb-0  col-span-12 mx-auto \" >Sanctions and Restricted Use <\/h2>     <\/div>\n<div class=\"w-full md:w-3\/4 mx-auto\">\n    <div class=\"faq-wrapper border-faded-grey-horizontal border-b-0 border-t-1 mt-11\">\n                        <faq title=\"Does Monta screen against sanctions lists?\" content=\"&lt;p&gt;Yes. Monta screens all customers against international sanctions lists (EU, UN, OFAC, UK) and applies additional geographic risk controls. Accounts linked to sanctioned or otherwise restricted\/high-risk jurisdictions, entities, or individuals will be blocked or terminated.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"Can Monta\u2019s services be used in sanctioned countries?\" content=\"&lt;p&gt;No. Monta services may not be used for or on behalf of any country, entity, or person subject to international sanctions.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n            <\/div><\/div>\n<\/section>\n\n<section aria-label=\"Complaints and Escalation\" class=\"md:px-42 bg-transparent rounded-section \">\n<div class=\"grid grid-cols-1 md:grid-cols-12 md:mb-31 mb-10\">\n     <h2  class=\"h2  mb-7 md:mb-0  col-span-12 mx-auto \" >Complaints and Escalation <\/h2>     <\/div>\n<div class=\"w-full md:w-3\/4 mx-auto\">\n    <div class=\"faq-wrapper border-faded-grey-horizontal border-b-0 border-t-1 mt-11\">\n                        <faq title=\" What if I have a complaint about the verification process?\" content=\"&lt;p&gt;You may contact Monta support at: &lt;a href=&quot;mailto:kyc@monta.com&quot;&gt;kyc@monta.com&lt;\/a&gt;&lt;br \/&gt;\nComplaints are handled by compliance specialists. If unresolved, you may escalate to relevant EU authorities or dispute resolution bodies, in line with applicable law.&lt;!-- notionvc: 64f5f0cf-fb87-4149-bfd3-2b0bb62ffa89 --&gt;&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n            <\/div><\/div>\n<\/section>\n\n<section aria-label=\"Contact and Support\" class=\"md:px-42 bg-transparent rounded-section \">\n<div class=\"grid grid-cols-1 md:grid-cols-12 md:mb-31 mb-10\">\n     <h2  class=\"h2  mb-7 md:mb-0  col-span-12 mx-auto \" >Contact and Support <\/h2>     <\/div>\n<div class=\"w-full md:w-3\/4 mx-auto\">\n    <div class=\"faq-wrapper border-faded-grey-horizontal border-b-0 border-t-1 mt-11\">\n                        <faq title=\"Who can I contact for help with verification?\" content=\"&lt;p&gt;Please reach out to Monta\u2019s support at: &lt;a href=&quot;mailto:kyc@monta.com&quot;&gt;kyc@monta.com&lt;\/a&gt;&lt;br \/&gt;\nOur compliance specialists are available to assist you.&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n                    <faq title=\"Where can I read more about how Monta processes personal data?\" content=\"&lt;p&gt;Refer to the &lt;a href=&quot;https:\/\/monta.com\/en\/legal-risk-compliance\/privacy-policy\/&quot;&gt;Monta Privacy Statement&lt;\/a&gt;\u00a0for full details on data collection, processing, storage, and your rights under GDPR.&lt;!-- notionvc: 45740498-9f9c-4a40-a342-ed7337b60bf3 --&gt;&lt;\/p&gt;\n\" background=\"transparent\"><\/faq>\n            <\/div><\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"","protected":false},"author":35,"featured_media":0,"parent":13618,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"tags":[],"class_list":["post-25863","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/monta.com\/en\/wp-json\/wp\/v2\/pages\/25863","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/monta.com\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/monta.com\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/monta.com\/en\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/monta.com\/en\/wp-json\/wp\/v2\/comments?post=25863"}],"version-history":[{"count":4,"href":"https:\/\/monta.com\/en\/wp-json\/wp\/v2\/pages\/25863\/revisions"}],"predecessor-version":[{"id":25869,"href":"https:\/\/monta.com\/en\/wp-json\/wp\/v2\/pages\/25863\/revisions\/25869"}],"up":[{"embeddable":true,"href":"https:\/\/monta.com\/en\/wp-json\/wp\/v2\/pages\/13618"}],"wp:attachment":[{"href":"https:\/\/monta.com\/en\/wp-json\/wp\/v2\/media?parent=25863"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monta.com\/en\/wp-json\/wp\/v2\/tags?post=25863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}