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:
- Passport or Driving License for the major shareholders and directors
- Utility Bill or some form of address verification for the key people (personal ID)
- Utility Bill or some form of address verification for the Business (Business ID)
- Business plan and cash flow
- 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.