KYC procedure Copy section link Copied!

The Know Your Customer process (KYC) is the aspect of due diligence that deals with the customer identity verification. It involves checking individual and company details in order to exclude negative hits. To help tackle financial crime, money laundering and other criminal activities, minimum standards for due diligence checks have been introduced.

KYC procedures cover all the actions needed to ensure vendors are real and to assess and monitor risks.. These client-onboarding processes help prevent and identify money laundering, terrorism financing, and other illegal corruption schemes.

KYC verification answers these important questions:

• Is the individual (represented by the user resource) or company (represented by the business resource) who or what they claim to be?
• Does the individual or company have a history of suspicious or fraudulent activity?
  

Each vendor will need to pass KYC process in order to get a payment account.. The required information for KYC is determined by the account holder's legal entity type and the country they are operating in.

The KYC process includes:

• Identity verification
• Document verification
  

Each check has a required set of fields, with different required fields for different countries.

Once all the information has been provided, AgoraPay performs the verification.. If any information is missing or incorrect, your vendor will need to provide the necessary documentation.

For each piece of documentation, the AgoraPay team performs a manual verification. Each verification has a specific status, that represents the status of their documentation.

• Missing - the documentation is missing
• Partial - the documentation is incomplete
• To Validate - the documentation is being processed by our team
• Validated - the documentation has been validated
• Refused - the documentation has been refused.

The following sections give the guidelines for approval of their documentation regarding their:Identity

• Business documentation
• IBAN

You will need to justify your Vendor's identity to AgoraPay to complete the KYC procedure. According to the constitution of your company, you will need to provide various proofs of identity.

The accepted ID types are:

• A valid Passport
• A valid National identification document

Here are the guidelines to make sure your ID will be accepted by our services:

• A valid ID (not expired)
• In JPG, JPEG, PNG or PDF format
• A size between 100 KB and 4 MB
• Colour, square images of both sides

AgoraPay will not accept an ID that does not meet the criteria above. There follow a set of example IDs that will be rejected:

Below is the exhaustive list of businesses supported and the documentation needed for business entities.

• Individual entrepreneur and self-employed
• Association
• Cooperative
• SARL, SAS, SA, SNC, SCA, GIE, SCS, EURL
• SC, SCP, EARL
• Societies of foreign rights

• Registration documentation with:
  • Commercial register and societies or
  • Artisanal or trade register
    
• Definitive status (if concerned)
• The executives’ valid Identification Documentation and its beneficial owners
• Proof of address less than one year old for property tax or housing tax, or less than three months for energy or mobile supplier

• KBIS association extract less than 3 month old or LOAFFE publication
• Definitive status (if concerned)
• Minutes of last general meeting (only if status does not allow the executives to be identified)
• The executives’ valid Identification Documentation and its beneficial owners
• Register of beneficial owners filed with the registry
• Receipt from the prefecture or INSEE form less than three months old

• KBIS extract less than 3 months old
• Minutes of the last general meeting
• The executives’ valid Identification Documentation and its beneficial owners
• Register of beneficial owners filed with the registry
• Approval of the "Haut Conseil de la coopérative agricole" (if coopérative agricole)

• KBIS extract less than 3 months old
• Definitive status (if concerned)
• Minutes of last general meeting (only if status does not allow the executives to be identified)
• The executives’ valid Identification Documentation and its beneficial owners
• Register of beneficial owners filed with the registry

• KBIS extract less than 3 months old
• Definitive status
• Minutes of last general meeting (only if status does not allow the executives to be identified)
• The executives’ valid Identification Documentation and its beneficial owners
• Register of beneficial owners filed with the registry
• Subscription justification for the SC and SCP type of businesses.

• Trade certificate or certificate of legal validity for the company (original & translation)
• Definitive status or equivalent (original + translation)
• The executives’ valid Identification Documentation and its beneficial owners
• Declaration form of beneficial ownership (original + translation)

As part of the AgoraPay KYC procedure your vendor’s IBAN must be validated. This IBAN will be used by default for the payout.

Below are the guidelines for making sure their IBAN is accepted.

To be accepted, the IBAN credentials must show the following information:

• The account holder name
• The account number
• The logo or name of their bank
  
  

The format of the document must be:

• JPEG, JPG, PNG or PDF
• Be of a size in between 100 KB and 4MB

Be careful, AgoraPay will not accept an IBAN that does not meet all the above criteria or that is self-created, or is an image of any other document.