Information on the Annual Update of Customer Due Diligence

In order for Ping Payments to process payments securely and in compliance with regulations, we need to maintainup-to-date customer informationabout all the businesses to which we disburse funds. This is a legal requirement for all licensed payment service providers and banks.

Know Your Customer (KYC) involves our collection and updating of information about your organization. The purpose is to combat financial crimes such as money laundering and terrorist financing, while ensuring that the funds reach the correct recipient.

Why is customer knowledge important?

Know Your Customer (KYC) is a central component of Swedish and European payment regulations. It helps us to:

  • Ensure that we knowwho represents your business
  • Verify thatthe business is active and legitimate
  • Protect both yourselves and our systems from being used forfinancial crime

Just as the bank asks you questions every year, we also need to do so in order to comply with the law and our licensing requirements.

How the Process Works

Every year, we collect updated customer information from all of our payees. The process is simple:

  1. Forms will be sent out
    . You will receive a pre-filled form at the email address we have on file for you.
  2. Check and update
    Please review the information, update it as needed, and attach the requested documents (for example).
    • Minutes fromthe LastAnnual Meeting
    • Minutes ofthe Inaugural Board Meeting
    • Identification documents for representatives (if requested)
    • With more (as instructed on the form)
  3. Review and Approval
    Our team reviews the information. If anything is missing, we will contact you to request additional details.

Important:If we do not receive the information on time, we will have tosuspend paymentsuntil we have updated customer information.

What Happens If Data Is Not Submitted

We are not permitted to disburse funds to an organization that does not have up-to-date customer information.
If we do not receive your response bythe deadline, we are required to temporarily suspend all payments. Once we receive the correct information, we can resume payments immediately.

Your Safety and Our Responsibilities

All information provided to us is treated with the utmost confidentiality and is used solely to fulfill ourlegal obligationsunder:

  • The Money Laundering Act (2017:630)
  • EU Regulation on Information Accompanying Transfers of Funds (EU 2015/847)
  • The Payment Services Act (2010:751) and PSD2 (EU Directive 2015/2366)

Do you have any questions?

We're here to help you. Please feel free to contact us via: