In order to complete your registration with Yoyo Wallet, we will need you to provide information to ensure we are complying with the Anti Money Laundering Regulations. These are in place to protect you and your customers.
However, instead of us carrying out this procedure, we have chosen Checkout.com to do KYC checks on our behalf.
What are KYC checks?
KYC, which stands for ‘Know your Customer’, is a series of checks that enables us to identify and verify your business.
Here is a brief overview of the information you will be required to provide during this process:
- Information about your company such as company name, year and country of incorporation, your address and company registration number. A set of supporting documents such as Certificate of Incorporation, Memorandum of Association and evidence of ownership (such as annual return) will be required to cross check the information provided.
- All shareholders that own 25% or more of your company will require additional checks. In practice this means that a copy of their passport and a recent utility bill confirming their current residential address will have to be uploaded on the Checkout website.
- Business bank account details of the required disbursal account.
You will receive an email from us or Checkout about this process as part of your Yoyo registration.
KYC checks can be lengthy to complete so we advise all clients to inform all relevant stakeholders at the earliest opportunity.