What if some of the information I provided during registration were to change?

What if some of the information I provided during registration were to change?

If the information provided during registration undergoes changes, you must promptly notify u2m about this.

Common examples of changes which must be promptly notified by business account holder
• Changes in contact details
• Additions or removals of directors/ UBOs (Ultimate Beneficial Owner)
• Changes in name or residence directors, or UBOs
• Replacement of expired (/expiring) ID documents provided by directors, authorizing user, or UBOs 
• Changes to company name, address, or business activities
• Changes to shareholders or ownership structure resulting in additions or removals of stated UBOs
• Changes in status of the company e.g. dormancy or cessation of business or changes in regulated status e.g. expiry of business license

Monitoring of KYB Information
In addition to case-by-case updates to KYB at any time, our financial partner providers proactively monitor information such as company registers in order to flag up potential changes. This can trigger a request for a KYB refresh check on a specific piece of information, or a general KYB refresh request, at any time.

Regular KYB Refresh Timetable
Apart from case-by-case updates our financial partner also maintains a timetable for proactive review of all Corporates’ KYB files based on internal risk and activity criteria. This means that, even if there are no changes notified since originally onboarding, the Corporate will be subject to a KYB refresh regularly.

Common examples of changes which must be promptly notified by private account holder
• Name or Surname
• Residential address
• Phone number
• Email address

The completion of this process typically requires 5 business days from the moment all the accurate information and documentation is provided.

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