As part of your account setup, ID verification needs to be completed for each ultimate beneficial owner (“UBO”) in your business or organisation. Payment providers are required to do this to comply with their respective Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations in each country they operate in.
The process for completing ID verification is slightly different depending on whether you have a single UBO or multiple UBOs. In both situations, we facilitate the ID verification process through HooYu, our designated ID verification platform.
If you have a single beneficial owner, the final step of submitting your Pin Payments application online will ask you to complete ID verification online.
If you have multiple beneficial owners, after you’ve submitted your application online you will receive an email from us with a unique ID verification link for each beneficial owner.
What is an Ultimate Beneficial Owner (UBO)?
An ultimate beneficial owner is an individual who ultimately owns or controls an entity, such as a company, trust, or partnership. 'Owns' implies having a 25% or more ownership stake in the entity, either directly or indirectly. 'Controls' means having the power to make decisions about the entity's finances and operations, exerting control through various means such as trusts, agreements, arrangements, understandings, policies, or practices.