To successfully complete the KYC (Know Your Customer) verification process, it is critical that you, as a legal entity organisation, gather all the required information ahead of time. TapaPay requires specific documentation and details based on your organisation’s legal structure, as well as personal information for key individuals within the organisation. Having this information on hand before beginning the KYC process will prevent delays and ensure a smooth verification experience.

For organisations, the verification process goes beyond just the business. You will need to provide details for key individuals such as directors, beneficial owners, and controlling persons, as well as information related to the company’s financials and operations.

Why You Need the Information on Hand:

• Accuracy and Efficiency: Ensuring all necessary details are available before starting the KYC process minimizes the risk of delays and avoids having to submit additional documentation later.

• Regulatory Compliance: Compliance with anti-money laundering (AML) and Know Your Customer (KYC) regulations requires detailed information about the organization and its key stakeholders.

• Prevention of Delays: Missing or incomplete information can result in delays in the approval of your business account. Preparing everything upfront allows for quicker processing and approval.

What Information You Need to Prepare:

As a legal entity organization, you’ll need to provide the following information before starting the KYC process:

1. Organisation Details

• Company Name: The full legal name of your organization.

  • Example: "ABC Manufacturing Ltd."

• Company Registration Number: The registration number assigned to your company by your country’s company registry.

  • Example: "12345678" (Companies House registration number in the UK).

• Country of Incorporation: The country where your organization is legally incorporated.

  • Example: "GB" (United Kingdom) or "IE" (Ireland).

• Registered Address: The official address where your company is registered.

  • Example: "456 Business Park, London, SW1A 1AA".

2. Directors and Beneficial Owners

For each director or beneficial owner (someone who owns more than 25% of the company’s shares or voting rights), you will need to provide:

• Full Name: The legal name of each individual.

  • Example: "Jane Doe".

• Date of Birth: The birthdate of the individual to verify their identity.

  • Example: "15-05-1985".

• Nationality: The country of citizenship.

  • Example: "GB" for the United Kingdom or "IE" for Ireland.

• Residential Address: The home address of each director or beneficial owner.

  • Example: "123 Main Street, London, SW1A 1AA".

• Identification Document: A valid form of ID for each individual, such as a passport or driver’s license.

  • Example: "Passport" with ID number "P1234567".

• Ownership Percentage: The percentage of ownership or control held by the beneficial owner.

  • Example: "30%".

3. Business Activity Information

• Industry Code: The code that represents the industry your organization operates in.

  • Example: "5610" for restaurants or "4711" for retail shops.

• Sales Channels: Information about how your business operates (e.g., online, in-person, or both).

  • Example: "Online and Retail Store".

• Web Data: Information about your business’s website or digital presence.

  • Example: "www.abcmanufacturing.com".

4. Financial Information

• Bank Account Information:

  • Bank Name: The name of the bank where your organization holds an account.

    • Example: "HSBC".

  • IBAN: The International Bank Account Number for cross-border payments.

    • Example: "GB29NWBK60161331926819".

  • Account Number: The number of your organization’s bank account.

    • Example: "12345678".

  • Sort Code: The sort code of your bank (for UK or Irish accounts).

    • Example: "12-34-56".

• Source of Funds: The type of income or revenue the organization generates.

  • Example: "Business Sales".

5. Tax/VAT Information

• Tax Identification Number (TIN): The tax number your company is registered under for tax purposes.

  • Example: "GB123456789" for a UK company.

• Tax Country: The country in which your company is a tax resident.

  • Example: "GB" (United Kingdom).

• Tax Type: The type of tax your company is liable for (e.g., Corporation Tax).

  • Example: "Corporation Tax".

Why Preparation is Essential:

• Comprehensive Verification: TapaPay requires detailed information about both the organization and the individuals who control it. Having this information on hand speeds up the process and ensures that you meet regulatory requirements.

• Compliance with Legal Obligations: By gathering the necessary details, you ensure that your business complies with KYC and AML regulations, protecting your company from financial crimes and fraud.

• Avoiding Delays: Missing or incorrect information can delay your account approval and disrupt business operations. Having all documents and details prepared in advance ensures smooth and timely account activation.