Know Your Customer (KYC)

Introduction

At Servertey, we are committed to ensuring that all customers and businesses using our platform comply with strict legal and regulatory standards. In accordance with international anti-money laundering (AML) regulations and the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act (Wet ter voorkoming van witwassen en financieren van terrorisme or WWFT), Servertey has established a Know Your Customer (KYC) process. However, this process is only triggered when a certain income threshold is reached.

Legal basis for KYC compliance

Servertey’s KYC process is driven by compliance with the WWFT, AML, and General Data Protection Regulation (GDPR) laws. These regulations require us to verify the identities of customers and businesses engaging in substantial financial activities to prevent illegal practices, such as:

  • Money laundering;
  • Terrorist financing;
  • Fraud.

The KYC process is implemented once a specific income threshold is met, in line with these legal requirements. This approach ensures that the process is applied proportionately based on financial activity on our platform.

Information we collect when income treshold is reached

Once a customer or business reaches a certain income threshold while using Servertey’s cloud services, they will be required to undergo the KYC process. At that point, Servertey will collect and verify the following information:

  • Business Structure Information: Detailed information about the legal structure of the business, such as whether it is a sole proprietorship, partnership, limited liability company (LLC), or corporation. This information is required to ensure that the business is compliant with legal and regulatory requirements.
  • Ultimate Beneficial Owner (UBO) Information: As mandated by the WWFT, Servertey collects information on the Ultimate Beneficial Owners (UBOs) of any business using our cloud services. UBOs are individuals who own or control more than 25% of the business. Verifying UBO information helps prevent illegal use of our platform.
  • Business Registration Documents: Legal proof of business registration, such as articles of incorporation, business licenses, or certificates of formation, will be required.
  • Personal Identification: Identification information for key individuals within the business, such as owners, directors, or authorized representatives. This includes government-issued identification, such as passports or national ID cards.
  • Payment Information: We collect and verify the payment details associated with the business or individual, such as bank account information, credit card details, or other relevant payment methods.

KYC process for Servertey

  • Threshold Activation: The KYC process is initiated only when a customer or business reaches a defined income threshold while using Servertey’s cloud services.
  • Submission of Information: At the point where the threshold is reached, customers will be prompted to submit business structure details, UBO information, and personal identification documents.
  • Verification: Servertey, in conjunction with our verification partners, will cross-check the submitted information against regulatory databases to ensure compliance with WWFT and AML laws.
  • Account Continuation: Once the KYC verification is complete, the customer or business can continue using Servertey’s cloud services without disruption. If the required information is not provided or fails to meet compliance standards, account access may be restricted until verification is successfully completed.
  • Ongoing Monitoring: In line with legal requirements, Servertey may conduct periodic reviews and request updated information if necessary to maintain compliance.

Business structure and UBO compliance

Once a business reaches the defined income threshold, we focus on understanding its business structure and verifying the Ultimate Beneficial Owners (UBOs) to ensure full compliance with WWFT regulations. UBO compliance is crucial for maintaining transparency and preventing fraudulent activities on our platform.

Data privacy and security

Servertey adheres to the highest data privacy and security standards, including compliance with the General Data Protection Regulation (GDPR). All data collected during the KYC process is securely encrypted and stored, and is used solely for compliance purposes. It will not be shared with third parties except as required by law.

Conclusion

At Servertey, our KYC process ensures that all customers and businesses engaging in substantial financial activities comply with legal requirements. The KYC process is only triggered when a specific income threshold is reached, ensuring proportional application. Once the threshold is met, we collect and verify business structure, UBO, and personal identification information to maintain platform security and integrity. For more information or inquiries about our KYC process and compliance, please contact our compliance team.