Why does myPOS require online identification?
myPOS is legally mandated to verify the identity of every merchant using its services. This requirement stems from regulatory obligations as a payment service provider registered in the UK and regulated by the Financial Conduct Authority (FCA). The online identification process is a critical component of our Customer Due Diligence policy and cannot be waived.
Key Reasons for Online Identification:
1. Legal Compliance:
- In accordance with the EU Fourth Money Laundering Directive, all financial service providers must confirm the identity of their clients before establishing a business relationship. This directive aims to prevent money laundering and ensure the integrity of financial transactions.
2. Security and Fraud Prevention:
- Online identification helps protect against identity theft, fraud, and other malicious activities by ensuring that the individuals and entities we do business with are verified and legitimate.
3. Efficient Customer Onboarding:
- The online identification process streamlines the onboarding experience, allowing merchants to quickly and securely verify their identities using the myPOS mobile app. This convenience helps expedite the setup of new accounts while maintaining high security standards.
4. Regulatory Adherence:
- As a regulated entity, myPOS must adhere to strict guidelines and standards set by financial authorities. This ensures that we operate within the legal framework designed to protect the financial system and its users.
The online identification process involves several secure steps, including the use of encrypted data transmission, storage on secure servers, and access restricted to authorised verification personnel only. This ensures that your personal information is handled with the utmost security and confidentiality.
If you have further questions or require assistance, our Support Team is always available to help.