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KYB & KYC Application
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Written by Adam Wood
Updated yesterday

To offer the Ben Mastercard to your employees, your company will need to complete a KYB (Know Your Business) and KYC (Know Your Customer) check, with a Wallet Owner, to comply with financial regulations and generate your company’s Ben eMoney wallet(s).

Appointing Your Wallet Owner

Your Wallet Owner will be an individual with the authority to open an eMoney account on behalf of the corporate entity undergoing the checks and is usually one of the following:

  • A statutory director

  • Individual appointed by a director via Power of Attorney

Wallet Owner Responsibilities

The Wallet Owner will need to complete a Source of Funds Declaration Form and share supporting documentation, should this be requested by the compliance provider. This will be sent via email, and must be completed within 3 business days to prevent any delays in releasing funds.

KYB Application

The KYB application will require the following documentation, and information to be provided.

Business Details

  • Entity Name

  • Address

  • Company Number

  • Registration date

Business Documentation

  • Copy of the Certificate of Incorporation

  • Copy of the Articles of Association

  • Copy of Change of Name Document(s)

  • Commercial registry extract

  • Proof of Business Address

  • Completed UBO Declaration Form

UBOs

An Ultimate Beneficial Owner (“UBO”) is the person(s) who is the ultimate beneficiary in an institution.

A UBO is defined as an individual who holds a 25%+ equity interest or voting rights in the underlying legal entity.

You will need the following information about all UBOs within the business:

  • Full name

  • Date of birth

  • Nationality

Each UBO will need to provide:

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

The Proof of Address must:

  • Show full name

  • Be no older than 3 months

  • Be in PDF format

  • All four corners of the document must be shown

Company Directors

A director is someone registered with the local company register (e.g. Companies House), legally responsible for running the company.

The following information will need to be provided for all Active Directors:

  • Full name

  • Date of Birth

  • Email address

  • Contact number

  • Nationality

The following information will need to be provided for all Statutory Directors:

  • Full Name

  • Date of birth

  • Nationality

Corporate Questionnaire

A short questionnaire must be completed on behalf of the corporate undergoing the onboarding verification process. The questionnaire will needed to be completed on the live application, however it can be previewed here.

KYC Application

This portion of the checks will be completed by your appointed Wallet Owner.

The following will need to be provided about the Wallet Owner:

  • 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

The Proof of Address must:

  • Show full name

  • Be no older than 3 months

  • Be in PDF format

  • All four corners of the document must be shown

Proof of Address Documents

Accepted Proofs of Address:

  • Bank statements

  • Utility bills

  • Internet/cable TV/house phone line bills

  • Tax returns

  • Council tax bills

  • Government-issued certifications of residence etc.

Not Accepted Proofs of Address:

  • Screenshots

  • Mobile phone bills

  • Medical bills

  • Receipts for purchases

  • Insurance statements

KYC Questionnaire

A short questionnaire will be required to confirm that the Wallet Owner is not, nor through affiliation, a politically exposed person.

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