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.