Yordex Compliance Requirements

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 

  • 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)

Please note that all documents are handled with complete confidentially and they are purely retained for legal compliance reasons.