At ikigai we want to always be transparent with our customers and so we want to share some more information about why we sometimes suspend ikigai accounts. Sometimes we are legally required to suspend accounts.
Finding out your account has been suspended isn’t a pleasant experience and it is especially worrying and stressful when you know you haven’t done anything wrong. But suspending accounts is something all banking apps have to do sometimes. ikigai is an agent of Payrnet, which has an Electronic Money License, and so is regulated by the Financial Conduct Authority (FCA). This means we have to ensure that we adhere to specific rules and codes of conduct.
In particular, there are anti-money-laundering and counter-terrorism-financing rules that require us to act in certain ways when we detect or suspect ikigai accounts are being used for criminal activity.
We see this as a positive thing - it protects us from terrorists and money launderers, and protects you from crime.
If we suspect someone else has access to your account.
If we suspect that someone else has access to your account then we may suspend your account to protect you and your money. We understand this can be frustrating and we will always try our best to communicate and explain these actions on your account. Once we are happy that it is you, we will automatically unfreeze your account.
If we suspect unusual activity on your account.
In rare cases, we will suspend an account that looks suspicious, this can happen when we spot unusual activity. Some trends are common when an account is being used for criminal activity. If we spot these trends we will place a temporary block on the account whilst we investigate to protect people's money and to stop criminals using ikigai for illegal activities. We understand that for our valued customers this can be frustrating and It’s never ikigai’s intention to leave any of our clients in a bad situation and we will not suspend someone's account without good reason.
In the attempt to protect you and your money, we may make a mistake. If we have investigated and found out that there’s a perfectly reasonable and legal explanation for the activity, then we will unblock the account and offer our sincerest apologies. We are doing it for you! At ikigai, we want our customers to be confident about our commitment to protecting your money. We assure you that we take these measures to keep you and other folk safe from Financial Crime. If you have any more questions about this please do not hesitate to contact us.