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 (DocuSign) that can be signed digitally.
- This document will need to be signed by a director. If you need to have the form signed by someone who is not you, you can 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 Yordex cards.
To complete the compliance 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
- A proof of identity and proof of address of the signing director (see below for details about accepted documents)
- A proof of identity and proof of address of all individual shareholders who owns 25% or more (see below for details about accepted documents)
- The full date of birth (dd/mm/yyyy) for all directors and individual shareholders listed on the form
If you have any questions about the compliance process please contact us on firstname.lastname@example.org
For proof of identity we can accept any of the following documents:
- Valid passport, ensuring the details page and opposite page are both fully included.
- Full valid UK driving license, including front and back. We cannot accept provisional.
- Valid national identity card with photo, including front and back.
Proof of address must match the address above and can be any of the following:
- Bank or Credit Card statement (no older than 3 months).
- Utility bills (no older than 3 months)
- Only accepted if not used as proof of identity already, a valid full UK driving license OR a valid national identity card with photo, both including the front and back.