How does the verification process work?
What is the UBO Declaration?
The AML laws also require that we take a UBO Declaration made by the person who registers the company for a myPOS account clearly stating who the Ultimate Beneficial Owner of the business is, who owns or controls more than 25% of the business. We unders...Continue reading
What is UBO and why do we need information about owners of the business?
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 Own...Continue reading
Why do some accounts take longer to review than others?
Sometimes the verification process can take longer. This usually happens if additional identity checks for you or your company need to be executed, updated ID documents for identity check are required, more documents are needed in relation to a complian...Continue reading
Can I use the myPOS platform while I am waiting for my documents to be verified?
Yes. You can use your account to activate your myPOS credit card machine. However, due to security and compliance reasons, you cannot make or receive any payments until you pass the Merchant Verification Procedure.Continue reading
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...Continue reading
What documents for proof of address are acceptable?
The AML law requires us to verify the permanent address of the following persons: • Sole traders, Freelancers - your address• Companies - the address of persons authorised to open an account and make transactions, the Directors, the company itself and t...Continue reading