Understanding Account Closures
Why nsave closes Accounts
Account closures always result from specific account behaviours that violate our terms and conditions.
Reason 1: Document Fraud or Tampering
What triggers closure: User submits false or altered documents.
Why: False or altered documents are used by bad actor to commit financial crime. nsave protects its customers by employing a zero tolerance towards such behaviour.
Reason 2: Sanctions or Politically Exposed Status
What triggers closure: A user appears on an international sanctions register or is classified as a politically exposed person.
Why: International regulations prohibits us from providing our products and services to sanctioned individuals.
Important: This applies equally to users worldwide. It's not nationality-based.
Reason 3: Suspicious Activity Indicators
What triggers closure: Account activity indicates suspicious patterns or fraud.
Examples of concerning patterns:
- High-volume unexplained transfers to sanctioned regions.
- Transaction patterns matching known money laundering schemes.
- Evidence of account compromise by fraudulent actors.
- Transfers inconsistent with any legitimate stated purpose.
Why: nsave complies with mandatory anti-financial crime regulations to protect our customers and prevents bad actors for misusing our products and services.
Reason 4: Failure to Provide Required Documentation
What triggers closure: You don't provide requested documentation within reasonable timeframes.
Process:
- Initial request with explanation of why documentation is needed
- Reminder after reasonable period (usually 2 weeks)
- Final notice before account is suspended.
Why: We are required by anti-money laundering regulations to obtain certain documentation and information from users.
Reason 5: Use for Prohibited Activities
Prohibited activities include:
- Cryptocurrency buying and selling
- Peer-to-peer lending circles
- Operating as a payment processor for third parties
- High-risk gaming or gambling operations
Why: These activities create regulatory and fraud risk that violates nsave's terms.
Reason 6: Corporate or Business Use of Personal Account
What triggers closure: Personal account is used for corporate operations, merchant payment processing, or as a payment gateway for others.
Important distinction: Freelance and self-employed use is fully supported. If you're a freelancer receiving client payments into your personal account, that's permitted. If you're operating as a payment processor that other people use, that violates our terms.
The distinction:
Does your account serve your personal finances? ✓ Permitted.
Does your account process transactions for other people's businesses? ✗ Not permitted.
