From time to time we will contact you asking for documents or answers to a few questions, even though nothing has changed on your account. This article explains why, and what we need from you.
What is Ongoing Due Diligence?
Ongoing Due Diligence (ODD) is a periodic review of merchants who already use CoinGate. As a regulated company in Lithuania, we are required to keep the information we hold about our customers accurate and up to date — not only when an account is first opened, but throughout the whole business relationship.
Your verification has an expiry date. As that date approaches, or when something in your account activity prompts a closer look, our Compliance team starts a review and we get in touch.
Receiving an ODD request does not mean anything is wrong with your account. It is a routine part of working with a regulated payment provider, and most reviews are completed without any issue.
What we usually ask for
The exact request depends on your company, so not everything below will apply to you:
- updated company documents — for example registration documents or Articles of Association, if they have changed;
- an up-to-date proof of address for the company;
- renewed identity documents, if an ID we hold has expired or is about to;
- recent financial documents, such as a tax declaration or financial statements;
- information on the source of funds and source of wealth of the owners;
- answers to questions about your business — what you sell, who your customers are and which markets you serve;
- confirmation that your website is working and reflects your current business.
How to respond
Reply to the message we send you, and upload the documents through your CoinGate dashboard rather than sending them by email — see Where do I upload my verification documents? for the right place.
Every request states a deadline. Please reply by then, so that we know the request has reached you and where things stand. If a document will take longer to obtain, tell us and we can look at the timing together.
A reply on its own, however, does not put the review on hold. The documents themselves need to reach us within the deadline — that is what allows us to keep your verification valid and your account running as usual.
What happens if the documents are not submitted in time
If we do not receive a response, we send reminders. If the requested documents are still not submitted by the deadline, we cannot keep your verification up to date, and your account will be affected: services such as withdrawals will be restricted, and an account that remains unverified may eventually be closed.
This is why the deadline matters. Submitting everything on time is the only way to keep your account fully operational while the review is completed.
Still have questions?
If you are unsure what exactly is being asked of you, or why a particular document is needed, just reply to our message and we will explain. We can usually suggest an alternative if a specific document is not available in your country or for your type of business.