Protecting your Personal Data, KYC, Source of Funds, FCA, & more!
1. How do you protect my personal data?
Your personal data is not stored locally on the devices, only the service information is used which is protected by the operating system. Your confidential data is stored in the Google Cloud Platform which applies the highest security standards.
2. Is my money safe?
Your money is held in a Tier 1 bank and their security is applied. The Tier 1 bank is ring fenced which means that our customer’s money is not invested and interest is not earned on them, hence making your Rizq account Sharia-compliant.
3. App Permissions
Both the iOS and Android apps have access to the Camera, Photo Library and the Biometric System.
The Camera is used for capturing images and a selfie during KYC.
The Photo Gallery is used for setting the avatar.
The Biometrics are used for Face ID, Touch ID or Fingerprint.
4. What is the Know Your Customer (KYC) check & What documents do I need?
The Know Your Customer (KYC) check is performed by Rizq on customers who are willing to bank with Rizq. KYC includes a personal data check (National ID such as passports, ID, driving license) and a face match (selfie) with the ID provided.
5. What is Money Laundering?
Money Laundering is the illegal activity where users are involved in unlawful transactions, which they do not have rights to. Each user, when creating an account, is set specific limitations and thresholds depending on their KYC information.
6. What is Anti-Money Laundering?
Anti-Money Laundering (AML) is the activity in which the company prevents Money Laundering activities.
7. What is Customer Due Diligence?
Customer Due Diligence (CDD) is an important component of AML and sometimes known as KYC. CDD is performed when there is a suspicion of AML activities.
8. Are funds covered by FSCS scheme?
Rizq Financial Technologies Limited is registered with the FCA but is not regulated with the PRA, so funds are not covered with the FSCS scheme.
However, your money is held in a tier 1 bank in the UK, within a ring-fenced structure meaning customer funds can’t be invested or used by both the tier 1 bank and Rizq.
9. What is Source of Funds (SOF) & How does it affect me?
At Rizq, we are committed to stopping financial crime at every opportunity and one of the ways in which we do this is by following the money trail. While it’s relatively easy to see where the money goes once it leaves Rizq, uncovering where the money comes from before it reaches us is a completely different story – and this is where a ‘Source of Funds’ check comes in handy!
Understanding the source of our users’ funds is important for a number of reasons:
To verify that the transactions made were actually completed by you;
To protect our users and their funds from fraud, or from being linked to illegal activities;
To comply with the relevant laws and regulations that allow us to operate as a financial company.
We’ll send you a notification whenever we need to see any proof of your Source of Funds. When you receive it, you can provide your SOF in the form of an official document that clearly shows the origin of your funds. This could be a copy of your recent payslips, documents showing the sale of personal assets (car, house, etc.), a loan agreement and more.
10. Does the Rizq App have Face ID / Touch ID?
Both the iOS and Android apps have Face ID, Touch ID and Fingerprint.
You can set it up by doing the following actions:
Tap on Menu
Tap Sign in with Fingerprint / Face ID / Touch ID.
If for any reason, you don’t see the above option in the Menu, then you most probably have canceled it when the app requested for it when registering. If that’s the case, then please go to Device Settings:
In iOS, tap Face ID & Passcode (in case of iPhone 8 or older, Touch ID)
Enter your Device Passcode
Tap Other Apps
Enable Face ID / Touch ID for the Rizq app.
11. How do I reset my Master Password?
If in any case, you have forgotten your MASTER password, there is a simple process to reset it. (What is a MASTER password you ask? It is a password that you created when you first signed-up via our mobile or web application).
Scenario 1: If you have been logged out, then please press on Forgot Password? and enter your email address. You will receive an email to reset your password. In a new browser tab, you will be asked to enter a new password. PLEASE REMEMBER: Use long and memorable passwords, do not use shared passwords from other bank accounts. Use Upper, smaller case letters, numbers and special symbols.
Scenario 2: If you don’t have access to your mobile application, then please go to the Web App page and try to reset your password on the Web App. Please press on Forgot Password?and enter your email address. You will receive an email to reset your password. In a new browser tab, you will be asked to enter a new password. PLEASE REMEMBER: Use long and memorable passwords, do not use shared passwords from other bank accounts. Use Upper and smaller case letters, numbers and special symbols.
Scenario 3: If you don’t have access to both the Mobile and Web applications or if you’re having trouble accessing the apps, then please contact us via chat through our website. If it’s an emergency, then Request callback and we will help you sort out your problem.
Change your 4-digit passcode: When you created your account via the Mobile App, you were asked to create a 4-digit passcode. If you forgot your passcode, resetting your MASTER password will also reset your passcode. OR If you need to change your passcode, then please go to Menu -> ChangePasscode -> Enter your old Passcode -> Enter your new Passcode -> Confirm your new Passcode.