To open a merchant account, your acquiring bank will perform KYC/AML checks similar to opening a business bank account.
Each applicant must provide documents confirming:
- The identity of their business entity, its ownership structure, its directors, and its good standing with its registrar.
- A bank document confirming the bank account where proceeds from card payments will be settled.
- Each director and each UBO (owner of 25% or more) must provide a passport or national identity document and proof of address, such as a utility bill, issued within the last 90 days.
- Additional documents confirming business details, such as licensing, certifications, or other details like supplier agreements, may be required on a case-by-case basis.
Contact our payment experts to book a free scoping session to define requirements for your business.