Why does Yordex have a compliance process and what does KYB mean?
- Yordex has a compliance process because we work with regulated partners to open a virtual bank account in the name of our customers.
- This account serves as the master balance from which the prepaid virtual and physical cards are topped-up.
- In order to ensure we are compliant with both UK and EU financial regulations, we have to conduct due diligence for every application we receive. This is also referred to as Know Your Business (KYB) and is a similar process consumers have to go through when opening a personal bank account (KYC).
What does the compliance process involve?
- We send a pre-filled compliance form via email that can be signed digitally.
- If you need to have the form signed by someone who is not you, simply forward the email.
- Once we have the completed form, we conduct our compliance checks alongside our regulated banking partners. We may ask for additional information to help the process.
- The whole process should take 5 working days or less.
- Once completed your account will be onboarded and you will be ready to order cards.
To complete the form you will need:
- Your company VAT number, if applicable
- Confirm whether you have an anti-bribery policy, yes or no
- Your estimated monthly spend on the Yordex cards
- Your company sort code and account number
- The full date of birth for anyone listed on the form
- A photo ID (passport or driving license) for a company director including both pages/sides.
- To verify the shareholder information to ensure the correct Persons of Significant Control are listed
- An electronic signature of one of the directors (forwarding the DocuSign email to the signer will allow them to sign it)
If you have any questions about the compliance process please contact us on email@example.com