TrekkPay

"Know Your Customer" (KYC) verification

    What is KYC?

    KYC (Know your customer) is the process of a business verifying the identity of its clients in order to mitigate potential risks in regards to Compliance, Money Laundering, Anti Terrorism Financing, and any other compliance-related threats.

    Note: You can find a Spanish version of this article here.

    Why is the KYC process necessary and mandatory?

    1. To verify the identity of merchants
    2. Enable internal controls against anti-money laundering and anti-terrorist financing laws
    3. Person operating account is authorized by company management/shareholders

    KYC PROCESS

    Step 1: Terms and service

    Before you can start receiving your payouts, you will need to complete the KYC process to get verified. The first time you enter your TrekkPay dashboard, you will be asked to accept TrekkPay's Terms of Service.

    Step 2: Fill out legal information 

    The next step would be to fill out all your company's legal information. 

    For Sole Traders

    Sole Trader: A person that operates under their name and is an exclusive owner of the business entitled to keep all profits after tax has been paid but liable of all loses.

    You will need to provide the following information:

    • Legal Name: The legal name of the company
    • Trading Name: If the name of the business different than the company’s legal name/registered.
    • Business structure: Sole trader
    • Sole trader or Tax ID: You need to provide your sole trader registration number here, if you don't have one please fill in the VAT section.
    • VAT Number (if required)
    • Type of service you offer
    • Business website: URL of the website where you are selling your services or products
    • Website: If you have other websites where you also sell your services or products.
    • Business description: a brief description of your company and the services provided
    • Representative information: The representative is the person authorized to operate the TrekkPay account on the company's behalf. Please provide the name of the person who owns the bank account, date of birth, email address and postal address.

    For Registered Companies

    Registered company: Any entity that has its own name and is registered as such in their country.

    You will need to provide the following information:

    • Legal Name: The legal name of the company
    • Trading Name: If the name of the business is different from the company’s legal or registered name
    • Business structure: Registered company
    • Company registration number: A registration number is issued by the Revenue office/Tax office in each country when a non-natural person registers for tax. It is subsequently used by the revenue commissioners to identify those taxpayers/entities.
    • VAT Number
    • Type of service you offer
    • Business website: URL of the website where you are selling your services or products
    • Website: URL to the website related to the business
    • Business Description: A brief description of your company and the services provided
    • Business Address: Please include your ZIP/Postal Code, City, Country
    • Representative information: The representative is the person authorized to operate the TrekkPay account on the company's behalf. Please provide the name of the person who owns the bank account, date of birth, email address and postal address.
    • Beneficial Owners: List down the business owner, that is the person who owns a significant percentage of your company (often 25% or more) and/or exercise significant control over your company. Individuals considered to “exercise significant control” over your company are those responsible for managing and directing the business and may include executive officers or senior managers, such as CEO, CFO, COO, Managing Member, General Partner, President, Vice President, or Treasurer. 

    Step 3: Upload business documents

    In the next step, you'll need to upload the following documents. 

    For Sole Traders

    • Proof of Identity
    • Proof of address
    • Sole trader number or Tax ID  
    • Bank statement

    For Registered Companies

    • Proof of identity
    • Proof of address
    • Business registration
    • Bank Statement
    • Letter of authorization for the account holder to operate on behalf of the company
    • Declaration of Beneficial ownership link Confirmation

    Step 4: Save your information

    After saving your information, TrekkPay's compliance team will take no more than 48 hours to review the information provided.

    You will receive an update from them if your verification has been approved. If additional documents are required, the team will reach out with further information. 

    For further information about the KYC process, please view this PDF

    If you have any questions, please drop us an email at Compliance@Trekkpay.io.