By providing spend management services to our customers we are inherently involved in financial services. This means by law we are required t o meet compliance standards set by regulatory bodies.
Opening your Yordex Bank Account
In order to benefit from our services we need to set up your Yordex bank account . Through this you can effectively manage spend and distribute funds both internally and among your suppliers. However, similarly to setting up any personal bank account, we as a financial intermediary need to verify the account against valid identification of persons of interest within the company. By performing this verification we are adhering to the Anti-Money Laundering and Counter Terrorist Financing Regulation.
Who do we need to verify?
Who we verify will depend on corporate structure and shareholders, but this will usually
be:
- Any person/entity owning 25% or more of the company
- One Direct or responsible for day-t o-day operations of the company
What forms of Identification do we need?
To verify a persons identity we require two forms of identification:
- Proof of ID: Valid passport or drivers license (please check t he expiry date)
- Proof of address: Official document stating the current residential address of the individual e.g. utility or current council t ax bill(less than 6 months old)