Yoursafe B.V. (Yoursafe) is a private company with limited liability, incorporated and governed by the Laws of the Netherlands. Yoursafe is located in Amsterdam, the Netherlands, and registered with the Dutch Chamber of Commerce under number: 34180575.
Yoursafe is licensed as an electronic money institution (EMI) by the Dutch Central Bank (De Nederlandsche Bank N.V.) and registered as such in the EMI Register of the Dutch Central Bank, under number F00025.
Yoursafe is a member of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and issues IBAN accounts to its customers under Business Identifier Code (BIC): YOURNL2A. Yoursafe is also a member of the Dutch Payment Association. Yoursafe is registered with, and adheres to, the European Payment Council’s (EPC) SEPA Credit Transfer (SCT) Scheme. Yoursafe’s procedures, processes and systems are audited annually by external auditors, to ensure and maintain PCI Level 1 compliance.
Yoursafe is an EMI operating in line with the main objectives of the payment accounts directive (Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014) (PAD). PAD makes the costs of using payment accounts more transparent for European consumers, and makes it easier to switch payment account providers. It ensures that European citizens have access to a payment account with basic features. The issuance of basic payment accounts is no longer the exclusive domain of traditional banks.
In more concrete terms, this means that licensed electronic money institutions are authorized to issue IBAN payment accounts. An IBAN payment account opened at an electronic money institution, is a full-fledged alternative to a bank account. The accounts are linked to the Euro system of the European Central Bank (ECB). SEPA Credit Transfers (SCT) and Instant SEPA Credit Transfers (Instant SCT) are authorized and settled in real-time via TARGET2 and TARGET2 Instant Payment System (TIPS).
At present, Yoursafe provides: (i) merchant processing services, and (ii) products and services related to – the issuance of basic payment accounts. The merchant processing activities consist of accepting, collecting and distributing electronic funds from merchant’s end-users on behalf of – and to – merchants (Merchants), and providing risk management and customer support services to Merchants (Merchant Processing Services). The products and services related to the issuance of basic payment accounts and debit cards consist of issuing basic payment accounts to individuals and businesses, issuing debit cards to individuals and processing electronic payments related to such products (Basic Payment Account Services).
As further stipulated in PSD2, electronic money institutions are required to apply strong customer authentication (SCA) where users access payment accounts online, initiate electronic payment transactions or carry out any action through a remote channel which may imply a risk of payment fraud or other abuse (for example, setting up a new payee). In addition to applying the appropriate level of SCA in its services, Yoursafe is compliant with the Payment Card Industry Data Security Standards (PCI DSS) and certified as level 1 compliant. Prevention of fraud, money laundering, finance of terrorism and sanction violations similar to banks – and other financial institutions – electronic money institutions are subject to the European anti-money laundering and counter terrorist finance (AML/CTF) and sanctions framework.
Yoursafe gives substance to these requirements by administering adequate measures in terms of customer due diligence (KYC) and by strictly monitoring all transactions to and from Yoursafe payment accounts. Yoursafe is one of the few financial institutions that uses a pre-transaction monitoring engine for national and international payments, whereby payment transactions between IBAN accounts can be temporarily put on hold for further investigation. This transaction is a monitoring engine that is a self-learning artificial intelligence system.
Despite the efforts of the EU, one of the challenges that European consumers (still) face are (high costs of) access to-, opening and maintaining a basic payment account. Yoursafe focuses on developing competitive products and services that are accessible for customers worldwide, in the broadest sense of the word. This inevitably means that Yoursafe's risk profile differs from traditional banks and service providers. Legislation related to such risks continues to evolve within the EU and abroad. Most notably, sanction regulation, and the EU directive(s) related to the prevention of money laundering and finance of terrorism. Most notably, the fourth anti-money laundering directive (AMLD4),
recently strengthened by the fifth anti-money laundering directive (AMLD5) and the sixth anti-money laundering directive (AMLD6). Important features of AMLD6 include a stricter definition of the concept of money laundering. Yoursafe has constructed its AML/CTF framework around a risk-based approach, and implemented an intelligent mix of in-house developed software and automation combined with third-party services. Within the automated approach, Yoursafe retains a four-eyes principle in its customer onboarding and transaction monitoring procedures to prevent errors, non-compliance and/or unintended discrimination through automation.
Yoursafe implements both customer due diligence (KYC) and transaction monitoring measures to mitigate and manage the risks associated with its business. Such measures consist of self-learning, automated procedures and processes developed by Yoursafe, as well as non-automated procedures. Third-party fraud-, AML-, CTF- and sanction detection and prevention services (inter alia Relian and GBG) are integrated within the software infrastructure. Yoursafe accepts both private persons and businesses as customers. Politically Exposed Persons (PEPs) are not accepted as customers. Onboarding restrictions are also in place regarding (sanctioned) countries, transactions, persons and organizations. All customers are individually identified, and submitted documentation is verified in accordance with commonly accepted standards of verification. Identity documentation of private persons is verified through the Yoursafe App. The software within the app recognizes, and accepts over 1,600 different formal means of identification. In addition, customers are checked against more than 27 different sanction lists, both during the onboarding phase and on a continuous (daily) basis throughout the entire business relationship.
Yoursafe has a Management Board, Supervisory Board and Advisory Board. The Management Board develops and executes the Yoursafe strategy, and manages the company on a day-to-day basis. The Supervisory Board monitors the execution of the company policy and advises the Management Board. Yoursafe recognizes that there are risks associated with achieving its strategy and business objectives. Managing these risks are integrated and an essential part of the company’s business proposal. To that effect, the Management
Board has adopted a uniform and systematic approach for managing risks. The Yoursafe’s compliance risk mitigation focuses on: (i) maintaining the integrity of the company and the financial industry as a whole; (ii) preventing fraud, money laundering, the finance of terrorism and sanction violations; (iii) information security, privacy and data protection, and (iv) maintaining the company’s financial stability and safeguarding of third-party funds.
If you are a receiving financial institution and you have received a transaction under a different name than is known within your KYC systems, you may have stumbled upon a Yoursafe Alias transaction.
Yoursafe Alias is a key feature in Yoursafe’s innovative private payments service that bridges the gap between an individual’s right to identity privacy and the need to adhere to strict global financial regulations and practices at all times. Yoursafe’s mission is to secure payments, money and other digital assets for people, independent of their trade, profession, race, ethnic or social origin, gender, religion or sexual identity.
We check and verify the true identities of individuals and business account holders and their identification documents using:
Yoursafe accepts more than 1700 types of identification document.
Yoursafe uses a variety of sanction lists to verify users: the EU sanction list, the UN sanction list, the US sanction list and the UK sanction list.
Yoursafe does not allow any Yoursafe YOU account holder to be a PEP, or direct family member thereof.
The Yoursafe Alias is identified with an Account ID. You can find this in the description of the transaction. It looks like this: Alias: ABC123.yoursafe.id.
The Yoursafe Alias is a fully qualified domain name that can be visited in a browser, or by using DNS technology, in order to obtain non-personal information of this individual.
Are you the receiving financial institution and do you need more info? Then click here.
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