Why do you need to verify my bank account?

As Shieldpay is authorised and regulated by the UK Financial Conduct Authority (FRN: 770210) under the Payment Services Regulations 2017 we have several regulatory obligations we need to comply with. One of Shieldpay’s obligations is to manage risk and adhere to financial crime regulations. 

To ensure we comply with our financial crime obligations and that we are sending funds to the right bank account, we undertake several checks which includes verifying your identity, banking, payment, and other financial details before we make payments. As part of this process if we are unable to complete the checks electronically, we ask individuals to provide copies of their bank statements to complete these checks. 

Shieldpay respects your privacy and is committed to protecting your personal data. As per our data privacy notice link which was shared with you. 

The personal data we collect is for the following purposes: 

1. To manage risk and protect you from financial crime, for example by verifying your identity, banking, payment, and other financial details. 

1. To comply with our obligations including complying with all applicable local and international laws and regulations. 

Your bank statements will not be shared with any third parties and only used for the above purposes. These documents are stored securely and deleted in line with our regulatory obligations to ensure we comply with the relevant United Kingdom Financial Crime and Data Protection Rules.