This article is for both:
Customers who are in the process of topping up their Pleo Wallet for the first time, and we need some more information about your source of funds.
Customers who have transferred to their Pleo Wallet before, but now:
Have made a transfer from a new account, or
Are registered in Sweden, and have reached a top-up threshold for which we need more information (please scroll down to the section "If your organisation is based in Sweden and has reached a top-up threshold").
Requirements for sending funds to Pleo
Pleo is a regulated financial institution. As such, we need to keep our customers' money safe. It's a legal obligation. It's also the decent thing to do.
Part of keeping customers' money safe is knowing who is sending funds to a Pleo Wallet. According to our "Know Your Customer" (KYC) policy, Pleo can only accept transfers from:
An EEA or UK business account registered in the same company name as your Pleo account.
E-money institutions where the original sender details are readable and match the company name in your Pleo account.
If Pleo receives funds that obviously do not meet the above requirements, we simply send it straight back (meaning it's never visible in a Pleo Wallet). However, in less clear-cut cases, our compliance team might contact you.
Why is our compliance team contacting you?
There are cases where it's hard to gauge if the above-listed sender requirements are met. In such instances, our team will reach out to an admin of your Pleo account. So if you see an email from email@example.com, that's us. If you have any doubts or concerns, please feel free to contact our support team to double-check that the email is legit. For anyone curious, our Data Protection Agreement can be here.
What we'll ask for
We'll ask for a document from your online banking (in PDF, PNG, or JPEG format, please!) that includes your organisation's sender bank account number and full organisation name.
If we cannot see your full bank account name
When this happens, we simply don't know if the name of your bank account matches the name of your Pleo account. This can happen in a few different scenarios:
It's your first-ever Wallet top-up.
You've changed bank accounts. And although this isn't your first top-up ever, it's the first one from your new account.
You haven't changed bank accounts, but you're a UK-based customer who's trying out an open banking top-up for the first time.
We'll usually contact the longest-standing admin of your account (not always though) to ask for the above-mentioned document.
If your organisation is based in Sweden and has reached a top-up threshold
Initial verification is done automatically for our Swedish customers, so we won't reach out because of missing sender info. However, once your organisation reaches a spending threshold, we need to reach out to all of your Pleo account admins to ask for the above-mentioned document (showing a clearing number and account number). The threshold is different depending on the organisation, so we unfortunately can't share an exact number with you. If we don't get the doc from each admin within 11 business days, regulations dictate that a spending block be applied to your Pleo account and only unblocked once the documentation is provided. We really don't want to do that. So please help us help you by sending the documents over as soon as you can.
Thanks so much for reading!
You've been very patient. Once your bank account has been verified in any of the above cases, future transfers from the same account won’t be subject to this check. In other words, we hopefully won't have to bother you again. We're looking forward to receiving any requested documentation, and promptly sending the funds through to your Pleo Wallet.