As part of Sniip’s Know Your Customer (KYC) requirements, we may ask you to verify your identity (account verification).
When signing up to Sniip, you do not have to verify your account. There a flags in our systems that will automatically request User Verification. This includes:
- Adding a payment method to your account that’s different to the legal name on your account
- Using a prepaid card
- Setting up pay from a BSB and Account Number
- Adding numerous blocked bills
Sniip is a regulated Bill Payment Service provider and we are a member of BPAY. This requires us to undertake significant compliance assessments in order to provide our service. As part of this commitment, Sniip is required to identify our customers and verify that their information is correct for the purpose of addressing Anti Money-Laundering/Counter-Terrorism Funding risk, fraud and misappropriation risk, as well as requirements imposed by our banking partners.
Sniip is fully PCI DSS compliant (Tier 1) and protects all Sniip user information with the same level of security as payment card details. That is why we will never email you to provide these details, only submit them via the Sniip app.