As part of their regulatory requirement, our digital wallet provider, Airwallex, runs daily checks against the global PeP and Sanction list.
If you have received a notification that your Carwow SmartPay account has been flagged for PeP (Politically Exposed Person) or Sanctions status, it means that Airwallex has identified your account as a potentially politically exposed person or sanctioned individual.
Here are some things you should know about PeP and Sanctions status and what it means for your Carwow Smartpay account:
What is a PeP?
A politically exposed person (PeP) is someone who holds or has held a prominent public position, such as a government official or a member of parliament. This status also extends to their immediate family members and close associates.
What is a “Sanction” person?
Sanctions are measures put in place to restrict the activities of individuals or countries. In simple terms, sanctions lists are a global record of financial restrictions.
Why are PeP and Sanction statuses important?
PeP and Sanctions status is important because it helps us identify potential risks associated with money laundering and terrorist financing. As a regulated financial institution, Airwallex is required to take steps to prevent these activities from occurring.
What happens if your Carwow account is flagged for PeP or Sanction status?
Your Carwow SmartPay account is automatically put on hold until Airwallex can determine the risks associated with the status.
When this happens, our SmartPay team will assist Airwallex in conducting additional due diligence to ascertain the accuracy of the alert. This may include reaching out to you, to request additional information about yourself.
Here’s how you can help us complete the additional due diligence:
Review The Email: Carefully read the email for specific instructions or information regarding the due diligence request.
Prepare Documents: Gather any requested documents or information that may be needed. This could include identification, proof of address, or other relevant materials.
Respond Promptly: If the email requests a response or submission of documents, be sure to do so within the specified timeframe to avoid any delays with transactions or restrictions being applied to your account.
Contact Support If Needed: If you have any questions about the due diligence request or need clarification, feel free to ask them in a direct reply to the additional due diligence email.
Can my Carwow SmartPay account be closed if I’m flagged for PeP or Sanctions?
Upon review of the information and documentation obtained through the additional due diligence, Airwallex will issue a decision regarding the status of your account, which can include the closure of your Carwow SmartPay account. If a decision has been made to close your Carwow SmartPay account, we will refund any available funds to your predefined withdrawal account.
What happens to your Carwow account?
While we cannot provide our Carwow SmartPay services, you can still use your Carwow account, participate in auctions, and make car purchases. You will just need to arrange payments outside our platform.