In payments, the Know Your Customer (KYC) check is a mandatory process of identifying and verifying a merchant's identity when opening an account and periodically over time.
KYC obligations for payments require MONEI to collect and maintain information on all its account holders. These requirements come from our regulators and are intended to prevent abuse of the financial system.
When you create an account, specific information will be requested based on your location, business type/activities, owners, representatives, and any other pertinent information.
For compliance reasons, MONEI is obliged to request the identification and data of ultimate beneficiaries (physical persons who, directly or indirectly, own more than 25% of the company's shares or who have material vote control of a company).
The details in your MONEI account must be kept up to date. We may also contact you periodically to confirm that your account information is still accurate.”