Hello, I have an EMI for my UAE company, which is in Lithuania. For almost all the 3 years I'm working with them they are doing KYC and this never ends. Recently, they have been asking for a few personal details, including many work contracts, previous employers, payslips, etc which i've provided in my good willing.
My business is IT totally clear but it seems that they do KYC because of the amounts (?). Customers are in Europe, all services are really provided etc, nothing shady.
Recently, they start asking for my personal bank accounts statements to see where the company income is going (after them, I am sending the company income to my personal account, which is normal).
Do they have this right legaly to ask for this? I worry a lot as they have a lot of my private documents and I don't see the reason. And they keep asking more.
I am thinking to tell them stop and close the account asap. And I'm not willing to send any other info.
Also, as I'm afraid very much with them having all this bunch of my personal documents and info, I'm thinking to escalate it and complaint to the Board of the Bank of Lithuania at least to be safe and have an official action due to all the very sensitive personal information they have (how safe it is, where it's stored, all communication is over non-encrypted emails etc). One that has all this information that I've provided to them, can commit FRAUD on me, IDENTITY THEFT etc, so with all those documentation shared, there is clearly extremely high risk and question how securely and where is this information stored, are they compliant (like they are asking my company if is compliant etc), are they safe? It happens everywhere, one employee can share the info or take it and go, or even sale it...
So summarizing my questions are:
1) Does the EMI legally have the right to request my PERSONAL bank statements where I send the money (they see where they send the money anyway), as per the KYC?
2) What if I don't provide them (or I provide them masked).
3) Can I just tell them, close the account I'm not willing to give you any more information (but I can have an online call with them and screenshare some info from login in the web banking so they can see where the income has been moved to my personal account, but I'm not willing to share any more personal documents with them).
4) Shall I complaint / escalate the situations and my concerns to the Board of Bank of Lithuania? (I have a few direct connections that can move the escalation asap though).
Suggestions please as it's extremely urgent.
Thank you!
My business is IT totally clear but it seems that they do KYC because of the amounts (?). Customers are in Europe, all services are really provided etc, nothing shady.
Recently, they start asking for my personal bank accounts statements to see where the company income is going (after them, I am sending the company income to my personal account, which is normal).
Do they have this right legaly to ask for this? I worry a lot as they have a lot of my private documents and I don't see the reason. And they keep asking more.
I am thinking to tell them stop and close the account asap. And I'm not willing to send any other info.
Also, as I'm afraid very much with them having all this bunch of my personal documents and info, I'm thinking to escalate it and complaint to the Board of the Bank of Lithuania at least to be safe and have an official action due to all the very sensitive personal information they have (how safe it is, where it's stored, all communication is over non-encrypted emails etc). One that has all this information that I've provided to them, can commit FRAUD on me, IDENTITY THEFT etc, so with all those documentation shared, there is clearly extremely high risk and question how securely and where is this information stored, are they compliant (like they are asking my company if is compliant etc), are they safe? It happens everywhere, one employee can share the info or take it and go, or even sale it...
So summarizing my questions are:
1) Does the EMI legally have the right to request my PERSONAL bank statements where I send the money (they see where they send the money anyway), as per the KYC?
2) What if I don't provide them (or I provide them masked).
3) Can I just tell them, close the account I'm not willing to give you any more information (but I can have an online call with them and screenshare some info from login in the web banking so they can see where the income has been moved to my personal account, but I'm not willing to share any more personal documents with them).
4) Shall I complaint / escalate the situations and my concerns to the Board of Bank of Lithuania? (I have a few direct connections that can move the escalation asap though).
Suggestions please as it's extremely urgent.
Thank you!
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