Why is my account under review?

Published on: 2024-10-25 13:31:35 +0100

Account reviews are regulatory requirements and Pockit must perform account reviews to comply with UK banking law and regulations. In the event your account is placed under review, we will contact you immediately via email and also through your online account to let you know what is required. It’s important that you follow the instructions in the email and app as soon as possible to avoid delays. Also, please make sure to read the instructions carefully and provide the correct documents and information. 

Urgent action is required from you: 

You can avoid delays in time taken for the review to be completed by submitting the required documents and information as quickly as possible. Not providing the documents that are needed can significantly delay or impact the outcome of the review.

We include the review process within our T&Cs and each customer must agree to this prior to opening an account, please see this under section 7.5 

In the world of financial services, everyone must do their bit to protect the banking system against financial crime. In line with our regulators the FCA (Financial Conduct Authority) and UK Government guidelines all authorised firms must have systems and controls in place to mitigate the risk that they might be used to commit financial crime. This could be money laundering, fraud, identity theft or terrorist financing to name a few.

To do this it is our responsibility to carry out customer due diligence checks when prompted by our payment providers. This additional information is on top of the standard KYC (know your customer) checks that are automatically carried out when you sign-up. We appreciate that this can be inconvenient but to put it frankly, it’s the law and Pockit must comply with failure to do so risking fines for the company and legal consequences for our employees.