In order to be "fully verified", and permitted to access the complete Pleo product, our clients must provide a few documents to our Onboarding and Compliance team. While we completely understand the inconvenience that may be associated with this for some clients, particularly those with e.g. foreign directors, it is a crucial part of our compliance obligations and an important facet of how our company maintains its integrity and responsibility.
As a financial services provider and by working with a regulated card issuer, we are bound by Anti-Money Laundering Regulations. These regulations require businesses like ours to carry out due diligence in regard to knowing the identity of our clients to, for example, mitigate the risk of criminal enterprises using our service to funnel illegally obtained money through our service or to finance terrorist organisations. These regulations are binding upon us, but furthermore they are important to ensure that Pleo is used correctly and ethically while also preventing our clients coming under undue suspicion.
The Regulations oblige Pleo to determine the corporate structure and ultimate beneficial owners (UBOs) of all clients and to maintain basic records of who the owners and executive directors are. It is for this reason that we require a copy of a valid ID (passport or driver’s licence) and proof of address (Danish healthcare "yellow" card, or a utility bill/correspondence with a government agency from within the last 3 months), from all individuals that are considered to exercise control over the management of the company and anyone directly or indirectly owning or controlling more than 25% of a client company, as well as the latest "Articles of Association" for the client company.
The copies of these documents are stored and handled confidentially and securely and are retained purely for legal compliance reasons.
We would like to thank you for your cooperation.