Merchant account KYC

Know your customer (KYC) is the process that a business must go through in order to verify the identity of its clients. Many financial organisations are governed by a regulatory body, which states that each and every organisation has to be fully verified. KYC regulations are in place to protect both you as a customer, and the bank that you are using.

What does a merchant bank typically asks for?

Banks can vary in their KYC requirements, but you can expect to be asked for the following KYC documents during the verification process:

  1. Passport or Driving License for the major shareholders and directors
  2. Utility Bill or some form of address verification for the key people (personal ID)
  3. Utility Bill or some form of address verification for the Business (Business ID)
  4. Business plan and cash flow
  5. Business bank statements

Each Merchant Bank has their own KYC process, and the way in which things are done will differ slightly from bank to bank; however, the above list details the basic supporting evidence that you’ll need to provide to ensure KYC compliance.

If you’d like to find out more about what to expect from a KYC check please contact us and one of our expert team will be happy to answer any questions you may have.