Know Your Business Explained – Why we perform KYB checks
As a supplier of financial products to businesses in the UK and Ireland, we are required by law to perform a Know Your Business (KYB) check for all new and existing customers. This rule applies to all e-money gift cards supplying businesses in the UK and Ireland. Read our frequently asked questions below to find out more.
What is a Know Your Business (KYB) check?
A KYB check is a short process of due diligence in which we request and verify certain information from you as an individual and business. Once completed and accepted, we can proceed to supply your business with our products and services.
What is the 4th Anti-Money Laundering Directive?
AMLD 4 “aims to prevent the use of the EU's financial system for the purposes of money laundering and terrorist financing.” This includes the use of prepaid gift cards to launder money or procure goods in the service of terrorist acts.
What information do you need?
Where evidence of ID is required, we require one form of identification from List A and one form of address verification from List B (see below).
- Current international passport
- Current Full Driving Licence
- Bank, Building Society, Credit Union or Credit Card account statement dated within the last six months
- Current Full Driving Licence (if not used for personal identification)
- A screenshot of your name/address from the Live Register
Is my personal information secure?
How can I speed up the process?
We aim to process all information within 2 business days, but you can help speed up the process by gathering the above required materials before placing your order.
Does this apply to all transactions?
We must perform KYB checks on any business that falls into the below criteria:
- If your company is placing a single order of €15,000 or more.
- If your company places an order for less than €15,000, but reasonably expects to spend more within the next 6 months.
- If your company places more than one order within a 6 month period.
- If the total value of your purchases equals or exceeds €15,000 within a 12 month period.
Where can I find out more?
The full text of the EU’s 4th Anti-Money Laundering Directive is available to read here.