Completing the KYB & KYC
To offer the Ben Mastercard to your employees, we'll first need to complete a KYB (Know Your Business) and KYC (Know Your Customer) check, with the Wallet Owner, to comply with financial regulations and generate your company’s Ben eMoney wallet(s).
As standard practice, an Implementation Manager will set up a meeting with the appointed ‘Wallet Owner’ to host an application meeting, to assist with completion of the KYB and KYC application. This meeting takes approximately 30 minutes to complete.
Prior to this meeting, the Wallet Owner will need to have prepared the requested business and personal documentation.
There are cases in which a KYB and KYC application meeting is not feasible, and as an exception we may offer the option to self-serve, and allow the Wallet Owner to complete the KYB and KYC application offline.
Finding the Wallet Owner
This will be an individual with the authority to open an eMoney account on behalf of the corporate entity that will be funding the Ben eMoney wallet(s) and is usually:
A statutory director
Or
An individual appointed by a director via Power of Attorney
Please note that once the platform is live, the Wallet Owner will hold two core responsibilities:
Fill out a Source of Funds declaration form and provide supporting documents if you complete one or more deposits totalling 50K or more within any rolling seven-day period. The form will be sent to the Wallet Owner by email and must be completed within 3 days to avoid delays in processing the funds.
In the case your company chooses to open an additional wallet currency, the Wallet Owner will need to log into the Ben platform to generate the new wallet.
Due to the nature of the ongoing responsibilities, we recommend the Power of Attorney route, where possible.
KYB (Know Your Business)
The KYB application will be completed by the Wallet Owner on the Ben platform and is the first part of the application. This is where the corporate entity and/or business will be assessed and verified.
Company Information
Company details The KYB application will start with completing information on the corporate entity e.g.:
Name
Address
Company Number
Registration date
The Wallet Owner will also be required to submit their role in the application as a Director or Authorised Representative, along with their mobile phone number.
Company Verification
At this stage, the Wallet Owner will submit the business documentation.
Business Documentation This will include:
Copy of the Certificate of Incorporation
Copy of the Articles of Association (last amendment)
Copy of Change of Name Document (one per name change, if applicable)
Commercial registry extract clearly showing company structure including any Ultimate Beneficial Owners (UBO: individuals with 25%+ stake in the company)
Proof of Business Address (e.g., Bank Statement)
UBO Declaration Form (if applicable)
UBOs The Wallet Owner will then proceed to adding the UBOs to the application. For this they will need to enter:
Full name (must match the full name as outlined in the chosen proof of identity document)
Date of Birth
Address
Nationality
And upload for each UBO:
1 x Photo of Passport
The photo of Passport must:
Be valid. The expiration date must be in no less than one month’s time.
Be in .JPEG or PDF format
All four corners of the document must be shown.
1 x Proof of Address (e.g., bank statements, utility bills, etc..)
The Proof of Address must:
Show their full name
Be no older than 3 months
Be in PDF format
All four corners of the document must be shown
Note: If there are no named individual UBO’s in the business, they will need to submit their personal details, as the Wallet Owner.
Company Director and Representatives
In this stage of the application they will enter their details as the Wallet Owner, or if they have been appointed as an Authorised Representative via Power of Attorney, they will enter the details of the appointer (e.g. Director, Founder, etc.)
This step will require the following information:
Full Name
Date of birth
Nationality
Home Address
Email
Phone number
Note: Any individuals submitted at this stage will receive a link to complete an individual KYC.
For the following step, the Wallet Owner will submit all other statutory directors or legal entities with the ability to act on behalf of the business. For individual directors, the below must be entered:
Full Name
Date of birth
Nationality
Corporate Questionnaire
The final stage of the KYB is a short questionnaire that must be completed on behalf of the corporate entity undergoing the verification process. Please see the questionnaire here. Please note, this questionnaire must be completed on the live application, and the link provided is solely a preview.
KYC (Know Your Customer)
The KYC is the second half of the application. This is where the Wallet Owner will submit personal documentation for verification. They will receive a link via email to complete the KYC application.
The Wallet Owner will need to upload their Passport as the Identity Document.
1 x Photo of Passport
The Passport must:
Be valid. The expiration date must be in no less than one month’s time.
Be in .JPEG or PDF format
All four corners of the document must be shown.
They will then need to submit a liveness check, via a selfie.
Following the liveness check, the Wallet Owner will upload Proof of Address Documents.
2 x Proofs of Address (e.g. bank statements, utility bills, etc.)
These Proof of Address documents must:
Show your full name
Be no older than 3 months
Be in PDF format
All four corners of the document must be shown
Note: The two proofs of address cannot be of the same type (e.g. two bank statements) and you must have one document per requirement (i.e, your passport cannot also be your proof of address).
Once the documents have been uploaded, the Wallet Owner will complete a personal questionnaire to confirm that they themself, or through affiliation, are not a politically exposed person.
Director’s KYC
In the case that the Wallet Owner is an Authorised Representative and has been given Power of Attorney, the Director who provided Power of Attorney will also be required to complete a KYC application.
Once the KYB and all KYCs have been submitted the application will be reviewed within 1-2 business days.