How does the verification process work?

What is the UBO Declaration?

What is the UBO Declaration? The UBO (Ultimate Beneficial Owner) Declaration is a mandatory requirement under Anti-Money Laundering (AML) laws. This declaration must be completed by the person who registers the company for a myPOS account. It clearly id...

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What is UBO and why do we need information about owners of the business?

What is a UBO (Ultimate Beneficial Owner)?   A UBO, or Ultimate Beneficial Owner, is the individual who ultimately owns or controls a business. This could be through direct or indirect ownership of more than 25% of the business. Identifying the UBOs is ...

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Why do some accounts take longer to review than others?

Why do some accounts take longer to review than others? The verification process for myPOS accounts can sometimes take longer than expected due to various reasons. Here are the main factors that can delay the review:   1. Additional Identity Checks: If ...

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Can I use the myPOS platform while I am waiting for my documents to be verified?

Yes, you can use your myPOS account to activate your myPOS card machine and your business debit card while waiting for your documents to be verified. However, due to security and compliance reasons, you will not be able to make or receive any payments u...

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How do I complete the Merchant Verification process?

To complete the Merchant Verification Process and enable all functions of the myPOS account, you will receive an email containing general information about the process as well as a list of all documents required. The documents may vary based on local le...

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