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What happens in the compliance process?
What happens in the compliance process?
Written by Pomelo Pay
Updated over a week ago

When we onboard our customers, we take the time to conduct compliance checks for each business that signs up with us, such as their individual and business identity.

Step 1: identifying the individual

When customers sign up to use the Pomelo Pay app we need to identify and verify the individual, which is known as our Know Your Customer (KYC) checks.

As part of the KYC, customers will be asked to upload one of the following photo IDs:

  • Passport

  • Driving licence

  • Government issued ID photocard

If we cannot electronically verify one of the above, then we will conduct a manual verification and ask for a utility bill dated and/or bank statement dated within 3 months.

For limited companies, at least two directors and all beneficial owners (ie. shareholders/controller owning 25% or more and for certain high risk businesses shareholder/controller owning 10% or more) will have to be identified, verified and screened for sanctions, PEP and adverse news.

Step 2: identifying the business

We will also need to verify the customer’s business information too, which is known as our Know Your Business (KYB) checks.

As part of the KYB, we need evidence of what the business does and that the business is established. We do this using the following information:

  • Independent website – the customer’s business website.

  • Social media profiles – the customer’s social media business page such as Facebook, Instagram etc.

  • Online marketplaces – Amazon, Ebay etc.

  • LinkedIn – the business' professional profile.

If the customer does not have online or social media presence, we ask for the following alternatives to prove the business is established, for example:

  • Evidence of HMRC registration with name

  • A business banking statement

  • Proof of licence registration, for example, a private hire license for a taxi driver business

  • Sales invoice from a recent client that the customer has provided services to.

  • Invoice from a supplier who has supplied goods or services

Once the KYC and KYB checks have been completed, the customer will receive a welcome email from our team to let them know that they have been verified.

If a business has not qualified, the customer will also receive an email to let them know, which will probably be because the business falls outside of our risk limits.

To find out what businesses we cannot onboard, click here.

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