Refreshing Know Your Customer (KYC) and Know Your Business (KYB) information is a critical part of ongoing compliance for financial institutions like OFX. When you first register, OFX collects and verifies your details to meet regulatory requirements and assess risk. However, regulations and internal risk frameworks require that this information is kept up to date—not just collected once at onboarding.

Why is this important:

• Regulatory Compliance: Financial institutions are required by law (such as Anti-Money Laundering and Counter-Terrorism Financing regulations) to maintain accurate and current customer information. This helps prevent financial crime, money laundering, and terrorist financing.

• Risk Management: Over time, your circumstances or business activities may change. Regularly refreshing KYC/KYB ensures OFX has the latest information to accurately assess risk and apply appropriate controls.

• Data Accuracy: Keeping your information up to date helps avoid service interruptions, such as restrictions on account access and execute transactions, which may be impacted if your KYC/KYB expires.

• Customer Experience: A streamlined, digital refresh process reduces the need for manual intervention, phone calls, and delays, making it easier for you to continue using OFX services without disruption.

If you don't refresh your KYC/KYB on time at OFX:

• Account Suspension: Your account will be placed in a "Pending" state, and you will be unable to access the dashboard or perform transactions.

• Payments and Cards Blocked: All outgoing payments and card transactions will be disabled until you complete the KYC/KYB refresh.

• Prompted to Update: If you have the appropriate permissions (such as "company manage"), you will be immediately prompted to complete the KYC/KYB refresh process when you log in.

• Notifications: OFX will send you multiple reminders (at 60, 45, 30, 15, 7, 3, and 1 day before expiry, plus a final message at expiry) to update your details before your account is suspended.

• Restoration of Service: Once you complete the KYC/KYB refresh and your information is reviewed (if required), your account and all services will be re-enabled.

Summary: Not refreshing your KYC/KYB on time will result in a full block on payments and card usage, and you will need to update your details to regain access.

OFX may restrict account activity if KYC/KYB information is out of date, but the process is designed to be as seamless as possible, with prompts and digital self-service options.

These intervals ensure that customer information remains accurate and up to date, in line with regulatory and risk management requirements. If the KYC/KYB expires, OFX may prompt you to update your details before you can continue using certain services.