Mimo requires information on any customer we onboard for regulatory compliance, risk management, and fraud prevention. We must also know who you are so our products work for you. Regulatory authorities like the Financial Conduct Authority (FCA) impose requirements for thorough customer due diligence (CDD) and know-your-customer (KYC) procedures to mitigate financial crimes such as money laundering and terrorist financing. By gathering details about the nature of the businesses we serve, Mimo can assess and manage risks associated with those businesses, tailor products and services to suit their needs better and enhance the overall customer experience.

Additionally, comprehensive information aids in verifying the authenticity of companies and their owners, monitoring transactions for suspicious activities, and implementing effective fraud prevention measures to safeguard their platform and maintain trust among users.