Majestic Financial UAB (“Majestic”) is a licenced Payment Institution operating under the supervision of the Bank of Lithuania. Majestic is required to comply with client identification and due diligence standards, which means that we must identify and know our clients. To open an account with Majestic, you will have to provide some essential information and documentation. In addition to personal details of the client, we must have sufficient information on the client’s activities, financial position, banking practices and purpose for which the services are used.
As a Payment Institution, we are obligated and committed to preventing financial crime like money laundering, tax evasion and terrorism financing, as well as illegal activities such as fraud attempts, ID theft, human trafficking or drug dealing. Preventing money laundering is not only in Majestic’s best interest – when a customer provides his or her information, they are supporting our work against crime as well as our ability to provide quality services to society as a whole.
Majestic is subject to applicable Lithuanian, EU and international anti-money laundering (AML) laws and regulations. Majestic seeks to make sure that any updates to relevant legislation and technical standards are followed and that our processes are also updated accordingly. Majestic has established adequate internal controls, procedures and guidelines, has appointed a compliance officer, and performs continuous staff training programs in order to comply with customer due diligence standards and AML requirements.
The basis of know your client (KYC) is to demonstrate that the individuals attached to the application (signatory, beneficial owner, directors, etc.) exist. In simple words, KYC is to demonstrate that the applicant(s) are, who they say they are and live where they say they live.
Majestic is a fully digital service. We do not require our clients to pay a physical visit to our office in order to get started using our services. Instead, we ask our clients to provide, through various channels, the personal and business identification documentation necessary for identification and verification.
For every account as well as requiring verified ID, we require a verified proof of residence, such as a utility bill or a land-line telephone bill, dated within the last 3 months or the application date. Depending on the client’s residence, the questions or required documentation may vary. Bank statements or mobile telephone bills are not accepted as a valid proof of residence.
We may also call you by telephone and/or Skype to ask for a face to face interview as a way of verifying your identity.
In addition to business documents that are being verified during your account application, we are obligated to obtain, among others, information about the business sector, nature and extent of the business operations, turnover, structure and ownership of the company. To comply with these information, we may request additional information and documents like Certificate of Incorporation as well as all supporting registration documents, as per the jurisdiction where the company is based, and which shows that the company is legitimately incorporated and currently active. We should also know who the ultimate beneficial owner(s) are and have the documentation to support this.
Where we cannot verify companies by a Government registry all documents must be certified by a notary, qualified accountant, lawyer, bank officer or police officer. We must also have sufficient details to be able to contact the certifier to confirm that they are qualified and have carried out the certification. For those applicants who may require a license for any of the activities, we will require providing the license for verification and authentication.
Client due diligence requires that we know of whose orders transactions are made and with whose funds. We will often ask you to justify why transactions are being made, and demonstrate the economic basis of the payment. This may be done via telephone and/or by email. You should be prepared to provide us with invoices, purchase orders, delivery notes, contracts and any other documentary evidence that show the transactions that are being made have a verifiable economic basis.
We reserve the right to contact the other parties involved for confirmation of the legitimacy of the transaction we have requested further information on. To assist our clients in meeting their responsibilities, we provide facilities to check backgrounds, identities and passports through the World-Check system. This service is available to Corporate accounts for a fee as per our Fee schedule.
If you are not able to provide the requested information and documentation to support a transaction, we may even be forced to reject the transaction.
With the current Lithuanian legislation, we are also required to know whether the applicant is a Politically Exposed Person (PEP). A Politically Exposed Person is an individual who is or has been entrusted in the past twelve months with a prominent public function. Family members and close business associates of PEPs are also considered PEPs themselves. Examples of Politically exposed positions are:
As a supervised entity, we have specific recordkeeping requirements. Records and documentation related to customer identification and due diligence information need to be stored for a minimum period of five years after the termination of a client relationship.
If you suspect or have knowledge about money laundering activities, have been a victim of fraud or identity-theft, we encourage you to report such misuse or suspicion of fraud to Majestic via email: firstname.lastname@example.org