A business owner (also called a UBO or Ultimate Beneficial Owner) is the physical person or individual who actually and ultimately owns (directly or indirectly) or controls the business.
We will have to check the identity of each Ultimate Beneficial Owner of the business, who own or control more than 25% of the business (UBOs, copies of official ID card or passports and proof of address, if the address is not shown on the ID card or passport)
Why? It is simple - it's a regulatory requirement and it allows us to keep myPOS a safe place, free of fraudsters, money launderers and so on.
So, if you want to register for a myPOS account for your company and use the myPOS services, one of the things you'll have to do after the online identification is to provide us with a copy of the official and valid government-issued national ID card or passport with a picture of each Ultimate Beneficial Owner of the business, who own or control more than 25% of the business (we do not accept a driver’s license as official ID; A driver’s license can be accepted only as an additional document for the identity check).
In some cases, depending on the risk level and where the permanent address of the business owner is not in the ID card or passport and we cannot see the full address in other documents from an independent source, such as a Trade Register, we may require a proof of address of the Ultimate Beneficial Owner of the business, who owns or controls more than 25% of the business, a list of accepted documents is here.