Why We Need Extra Information

At Wahed, your safety and security are our top priorities. We understand that sometimes when we ask for extra information, it may feel unexpected or inconvenient. We want to take a moment to explain why we may need this information and how it helps us serve you better.

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Why We Ask for Extra Information

We are required by law and regulatory authorities, such as the Financial Conduct Authority (FCA), to verify certain details about our customers.

This is a standard process for all financial institutions, designed to comply with the regulators requirements. 

What Information We Might Ask For

While we do our best to minimise the amount of information we request, there are times when we may need to ask for additional documents or details. Some examples include:

• Proof of identity: We may ask for a copy of your passport or another form of government-issued ID to verify your identity.
• Proof of address: Documents such as utility bills or bank statements may be requested to confirm your address.
• Source of Wealth: The Source of Wealth refers to activities and assets that have contributed to generating an individual's wealth over time. Understanding the source of wealth is essential for financial institutions to ensure transparency and uphold the integrity of their operations. This helps maintain a secure and trustworthy environment for all clients. 
• Source of funds: The "Source of Funds" refers to the detailed understanding of where the funds originated and how they were accumulated, from start to finish. This understanding is achieved through a review of a series of bank statements, which helps to map out the financial journey of the funds comprehensively.
• Other information: In certain situations, we may need to request additional financial documents to ensure compliance with our regulatory obligations. 

Understanding Your Concerns

We completely understand that sharing personal information can sometimes feel uncomfortable or intrusive. Rest assured, we only ask for what is necessary to comply with the law. The information you provide helps us maintain a safe and transparent environment for all our customers.

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Why Cooperation is Important

Your cooperation is essential. If we don’t receive the necessary documentation or if we can't verify certain details, we may be required, by law, to suspend or even close your account. This is not something we want to do, but we have a responsibility to ensure we are following all legal and regulatory requirements.

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We’re Here to Help

If you ever have any questions or concerns about the information we’re requesting, please don’t hesitate to reach out to our customer support team. We’re here to guide you through the process and make it as smooth as possible. Thank you for being a valued part of the Wahed community!

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