Know Your Client questionnaire: FAQ

Dear investors,

Grupeer is working to stabilize the company, and one of the most important parts of that is strengthening the Anti Money Laundering (AML) and Know Your Client (KYC) policies. Updated KYC questionnaire was published in the Investor’s cabinet and we want to thank you for your prompt response. 

We have prepared answers to the most frequently asked questions and detailed instructions for filling out the questionnaire.

In the updated KYC questionnaire the section with questions about politically exposed was expanded and includes not only the information about the investor, but also about the information about his/her family members. This is a standard bank requirement since persons in the PEP category are considered as representing an increased risk. Sometimes, banks might request additional information about the income of such a person.

Income sources

Some of these questions were in the previous version of the KYC questionnaire, but now, due to the bank requirements, more detailed information about some of these sources is required.

For example, if you state “Salary” or “Entrepreneurial business” as a source of your income, you will need to specify  the country, the nature of the business, the name of the organization, as well as the registration number. We kindly ask you to pay special attention to the accuracy of this information, because otherwise we will have to come back to you with the request to add missing data and it will extend the verification period of your account.

Financial transactions

Please note, all of the questions in this section are related just to transactions between your bank account and Grupeer account. We do not request any information about your transactions that are not connected to Grupeer, as well as about Grupeer’s internal financial movements.  

Negative information

The next two questions “Does Internet environment contain any negative information about the Investor or ultimate beneficial owner of the account?” and “Has the Investor or beneficial owner of the account had ever been convicted of any felony under federal or foreign law? Were there any searches and seizures in the investor’s or beneficial owner’s related companies? “ are the basic questions, linked to KYC politics and regulations

The first question is about the information that is spread publicly in the Internet and refers to personal data and reputation, the information about felony is based on the information from the official sources. Answers to both of these questions should be based on the investor’s knowledge and do not oblige the investor to conduct additional research. 

Additional FAQ

How can you ensure the security of my updated data storage?

There will be no changes in the internal procedures, the safety of data will be ensured at a previous level. The updated information will be stored under conditions of GDPR, as it is stated in the Terms of use.

What if the information from my KYC questionnaire will be used to break your contract responsibilities?

The main goal of the KYC questionnaire update is to improve internal procedures and align it with the Anti Money Laundering (AML) and Know Your Client (KYC) policies effective in the European Union (EU) or other markets we are operating in. Grupeer had to strengthen this procedure to reactivate the bank accounts and to ensure payments to investors.  

Will I be able to withdraw funds right after I update my KYC questionnaire? 

As Grupeer CEO Alla Kisika stated previously, Grupeer is focused on the recovery from the crisis in the best way possible for our investors, and the KYC is just one, albeit very important,  part of this complex procedure. We once again confirm that we will come back with a viable action plan for our investors before the end of June.

How will I be informed that I’ve passed KYC?

After the verification of your account is completed, you’ll receive a confirmation email and in your investor’s cabinet you’ll see the message that the verification is done. 

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