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When you embark on your journey of conducting online payments and transactions through platforms like merXu, you might find yourself facing a common question: "Why do I need to provide personal data during the verification process with Adyen?”, This is a valid concern, and we are here to explain the reasons behind this requirement.

1. AMLD4 and Know Your Customer (KYC)

The answer begins with the regulatory requirements imposed by the EU Directive AMLD4 (DIRECTIVE (EU) 2015/849 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 20 May 2015), which addresses the prevention of money laundering and terrorist financing. This directive, now transposed into national law across EU member states, lays down stringent regulations that oblige financial institutions, including Adyen, to verify the identity of customers and counterparties. This process, known as Know Your Customer (KYC), or in the case of businesses, Know Your Business (KYB), is designed to safeguard the financial system from illicit activities.

In essence, KYC requires meticulous verification of individuals and businesses to ensure they are not involved in money laundering or terrorist financing. Failure to comply with these regulations could result in substantial penalties from both national and European regulators.

2. merXu's Commitment to Secure Transactions

Now, you might wonder why such sensitive personal data is necessary when you want to sell on merXu? The reason is simple: merXu is committed to facilitating secure international trade. To achieve this, we have partnered with Adyen N.V., a reputable Dutch bank operating within the European Union. Adyen serves a dual role on our platform – it provides payment services and enhances transaction security by professionally verifying sellers who join merXu. This collaboration is a common practice in the world of e-commerce, ensuring safety, convenience, and speed in international B2B trade.

3. Ultimate Beneficial Owners (UBOs) and Enhanced Due Diligence

But why, you might ask, does Adyen require the personal data of individual partners or company CEOs? This is a direct consequence of legal provisions. Adyen, like other obliged entities, not only verifies company details in national registers but also examines the data of individuals listed as Ultimate Beneficial Owners (UBOs). A UBO is someone who ultimately owns or controls a company, regardless of the legal owner's identity. Identifying UBOs is crucial for anti-money laundering and anti-corruption efforts, corporate governance, and risk management.

UBO data, including sensitive information like personal identification numbers, is often publicly available. Additionally, both the company and its UBOs undergo screening against sanctions lists and lists of Politically Exposed Persons (PEP), individuals holding prominent political positions or significant public functions.

4. Data Protection Assurance

Your concerns about data misuse are valid, and we want to assure you that safeguarding your personal data is paramount for merXu and Adyen. Adyen, an international bank operating in 60 markets worldwide, ensures that customer data stays within the European Union's borders, adhering to the EU 2016/679 General Data Protection Regulation (GDPR). You can find detailed information on how merXu and Adyen handle customer data in our respective Privacy Policies, accessible on our websites.

5. Varying KYC Processes

Lastly, you might wonder why the KYC process with Adyen appears more rigorous compared to other payment service providers. It's important to note that KYC verification processes may vary among financial institutions. Adyen, as an international bank, upholds the highest standards of due diligence in KYC and KYB processes, ensuring compliance with AML laws. The severity of non-compliance is evident in local regulations, which demand effective, proportionate, and dissuasive penalties, including imprisonment, disqualification from commercial activities, and property confiscation.

In conclusion, providing personal data during the verification process is not merely a procedural formality. It's a crucial step toward ensuring the integrity and security of online transactions, in compliance with EU directives and national laws. merXu, in collaboration with Adyen, is committed to providing a secure platform for international trade, where your data remains protected, and transactions are conducted with trust and confidence.