As required by the compliance team by our payment provider, we need to receive some form of proof for the source of wealth or source of funds, we would expect to see this in two ways: Either by proof of annual income for a remitter, or in form of a bank statement in order to explain or provide proof of the remitter’s wealth. By providing either documentation, it will allow our payment provider to understand where the remitter's wealth has come from, before releasing any funds that are made by the client.


Note: (Feb.23,2023)

We are still getting clients depositing to SEPA as these are the clients who have saved the SEPA IBAN details on their online banking system.

 

As advised by Funding Team, We are going to give SEPA a 30-day notice at the end of this month ( next Tuesday), which will then leave the account active till the end of March.

 

A full EU marketing email will be sent out next Tuesday to all SEPA users who have funded via SEPA in the last three months, and let know them about the change., as SEPA is already disabled & disappeared from the checkout option since last Thursday. This is to notify all EU clients regarding the change & redirect them to use CCY Cloud. and from 1st April, our old sepa IBAN will no longer be valid & clients won't be able to make deposits past that date 

 

Continue to allocate funds as normal, as we do still have 30+ days till the IBAN service ends but if any clients reach out and ask about IBAN transfers, please refer them to the Cloud Currency way.

 

Cloud CCY works the same as normal bank wire, we have no control over the intermediary fees, so the clients will bear the cost
We don't reimburse intermediary fees, only the txn fees charged by CCY Cloud.