Our ambition is to offer banking services to as many small and medium sized businesses in the UK as we can. And ultimately of course, we want to take Tide global and help business owners all around the world to do less banking.
As a start-up banking services provider, we also take our responsibility in adhering to regulations aimed at combating the threat of money laundering, fraud, terrorism and other criminal activity very seriously. You can learn more about why and how we fight financial crime at Tide here 22.
A key component of the FCA’s money laundering regulations 11 relates to so-called ‘know your customer’ or ‘KYC’ checks which involves gathering essential information about our members’ identity and business activities during sign-up and on an ongoing basis. We use smart technology to check information automatically, to get you up and running with your business current account as quickly as possible. In some cases we may contact you later on to request some more information. As explained above, our KYC process is on an ongoing basis to ensure that we comply with regulations and put our members’ security first at all times.
If you are contacted we hope you understand this is not intended to cause alarm or to annoy you, although we’re the first to admit that this can sometimes be the result. We want to keep the process as simple and painless as possible and are always looking at ways we can reduce any inconvenience these checks may cause.
It’s also important to point out that any information you provide about your business will be held securely and confidentially - it will never be used for any other purposes. You will also be able to continue to use your Tide account as normal except in very rare cases, where we may need to apply some restrictions.
We will only freeze member accounts where we suspect the security of your account or the Tide platform is at risk or we have to comply with any legal or regulatory obligation. Further details of these scenarios can be found in section 5 of our terms and conditions 18.
We will notify you if any restrictions have been placed on your account and our compliance team always try to push these investigations through as quickly and as painlessly as possible so that we can get you back up and running. However, when third parties are involved in investigations there can be delays and we only have so much influence.
Our dedicated Help Team is there to assist our members, 7 days a week via the in-app chat, or by email at [email protected]. Just reach out if you have any further questions, we’d be happy to help!
Thank you in advance for your cooperation.