At Paytend, we are committed to maintaining the highest standards of security and regulatory compliance. As part of this commitment, we monitor all transactions on our platform.
In accordance with Article 9, paragraph 16 of the Law on Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania, Paytend is obligated to continuously monitor clients' business activities and monetary transactions.
Below, we have outlined the two types of transaction reviews you may encounter.
1. Initial Transaction Review
What to Expect: When you initiate a transaction, it undergoes an initial compliance review. During this time, you will see a note in your app indicating "Compliance Review in Progress" or "Transaction processing". This review process typically takes about one working day.
Why It’s Necessary: This step is essential to ensure that all transactions adhere to the legal and regulatory requirements applicable to financial institutions like ours. It helps us prevent unauthorized or suspicious activities and ensures that your transactions are secure.
Additional Information Requests: In some cases, our compliance team may need to request additional information to verify the purpose of the transaction. If additional details are required, you will be notified through the app, and we kindly ask for your prompt cooperation to complete the review process as quickly as possible.
2. Transaction Review
What to Expect: For certain transactions, you may receive a request for additional information in your Paytend app. This will be indicated under the "Query" tab in the app.
Why It’s Necessary: Transaction reviews are a standard part of our ongoing monitoring process, designed to ensure the security and integrity of our services. These reviews help us verify the legitimacy of transactions and comply with regulatory standards.
What to Do: If you receive a request for additional information, please log in to your Paytend app and provide the required details for the transaction under review. This helps us complete the review process efficiently.
After Submission: If you have already submitted the requested information, please allow our compliance team 1-3 working days to review it. We will notify you once the review is complete.
Important Notes
- While we strive to complete reviews promptly, there may be occasional delays due to the complexity of certain transactions or the need for additional information.
- These reviews are mandatory as per regulatory requirements, and your cooperation is appreciated to ensure a smooth transaction process.
- If you have any questions or concerns about the transaction review process, please do not hesitate to contact our support team for assistance.
Thank you for your understanding and cooperation in helping us maintain a safe and compliant financial environment.