To open a myPOS account, you need to complete a two-stage identification process to ensure compliance with regulatory requirements and maintain the security of the platform.
Stage 1: Individual Identification
1. Online Identification: Complete a quick online identification process.
2. Proof of Identity: Present a valid driver’s license or an official government-issued passport with your picture.
3. Proof of Address: If your permanent address is not on your ID, provide an additional document such as a utility bill or bank statement that verifies your address.
Stage 2: Business Verification
Once your individual identity is confirmed, the next step is to verify your business. This involves:
1. Verification of Key Individuals:
- Directors
- Authorised Signatories
- Ultimate Beneficial Owners (UBOs) holding more than 25% ownership
2. Proof of Business: Provide relevant documents such as the company's registration certificate, articles of association, and proof of business address.
3. Additional Documentation: Any other documents that may be required to verify the legitimacy and ownership structure of the business.
This two-stage verification process ensures compliance with the 4th and 5th EU AML Directives and helps maintain the security and integrity of myPOS services by preventing fraud and money laundering.