As a licensed financial service provider in Europe, Vivid Money follows strict regulations to fight money laundering, terrorist financing, and fraud. In certain cases, these regulations may require us to restrict or block transactions and accounts in order to request more information about our customers’ activities and funds.
We understand that the required information might be private and that these kinds of requests can hinder your account usage, but please note we do not intend to cause any difficulties for customers’ legitimate activity.
Keep in mind that we will not share any details about how these individual checks work, in order to protect the security and integrity of our monitoring systems, as well as protecting the outcome of any possible criminal investigations.
In most cases, the reasons for temporary blocking an account are:
Someone with criminal intent is attempting to access the account
Unusual activity on the account
Less commonly, the account may be also seized following the order from the authorities or blocked for other technical reasons. Bear in mind that in the unlikely event of the account being blocked, we’ll most likely reach out to you with additional questions.
What should I do if my account is blocked or transactions are on hold?
If your account is blocked, or transactions are on hold, please respond promptly to any requests sent via the in-app questionnaire and attach any requested documents. Keep in mind that it usually may take up to 24 hours for our team to review your answers.
Haven’t received any communication yet? Please be patient and keep an eye on your app and/or email for updates.
Why was my account closed?
Additionally, Vivid Money reserves the right to terminate the business relationship with the account holder. This is always possible with 2 months notice without giving a reason. However, we can also terminate an account under certain important circumstances (for important reason) including:
Incorrect or false information provided by the account holder.
Serious and continuous breaches of terms and conditions.
Severe changes in the account holder’s creditworthiness.
Evidence of the account being hacked or used to carry out illegal purposes.
In certain circumstances, we may need to terminate the account with immediate effect without the usual notice period. If you received an email about your account being closed, follow the instructions on how to handle your remaining balance or wait for further updates.
Kindly note that any termination is final. Account termination is always a last resort from our perspective and is a decision made with careful consideration. As a result, it cannot be reversed.