Mobilexpense Cards KYC Onboarding Process

As Mobilexpense Cards are issued by a financial institution, we are obligated to perform KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures to comply with regulatory requirements and mitigate the risk of financial crimes.

KYC checks serve to authenticate customer identities and monitor their transactions, while AML checks facilitate the identification and reporting of suspicious activities. These checks are essential for financial companies in order to prevent financial crimes, safeguard themselves from legal or reputational risks, and contribute to the overall efforts to combat financial crimes.

Regulatory authorities, including central banks, financial intelligence units, and other government agencies responsible for overseeing financial transactions, mandate the implementation of KYC/AML checks.

The process necessitates the collection and validation of various forms of identification and personal information to confirm clients' claimed identities. Collectively, KYC and AML processes play a critical role in maintaining the financial system's integrity and shielding clients from financial crimes.

Who needs KYC/AML checks during onboarding?

Any KYC/AML-obligated industry must apply KYC/AML procedures during customer onboarding. Regulated businesses include financial institutions and designated non-financial businesses and professions such as banks, casinos, virtual asset service providers, real estate agents, high-value dealers, etc.

Non-regulated businesses, such as car-sharing services and marketplaces, are also encouraged to apply KYC/AML procedures to prevent fraud and avoid financial and reputational losses.

What does this mean for you as a customer?

At Mobilexpense, we take the KYC/AML process seriously. To onboard for Mobilexpense Cards, clients must provide certain information and documents to verify their identity and comply with regulatory regulations. Possible required documents may include:

1. Customer verification
   Clients are required to provide documentation that proves their company identity. This could include a business registration certificate, tax identification number, proof of address, etc. This includes address verification where clients may be required to provide a utility bill, bank statement, or other document that confirms their address. The document should be recent, usually within the last three months.
2. Personal identification
   Clients are required to provide documentation that proves their personal identity. This could include a passport, driver's license, or national ID card. The identification document should be current and not expired. The personal identification check could include a selfie check or face authentication to determine whether the true document holder is present during the onboarding process.
3. UBO check (Ultimate Beneficial Owner)
   Clients could be required to provide documentation proving their UBOs to identify the ultimate beneficial owner, where relevant, and verify their identity. UBOs are individuals who ultimately own or control a company or asset. By identifying these individuals, we can conduct additional due diligence and monitoring to ensure that our services are not being used for illicit activities.
4. PEPs check (Politically Exposed Persons)
   Clients could be required to provide information regarding PEPs. PEPs are individuals who hold a prominent public position or have a close association with someone who does. By identifying PEPs, we can better understand the potential risks associated with a client's account and take appropriate measures to prevent financial crimes.
5. Financial information checks
   Verifying the financial information provided by the customer, such as source of funds, income statements, balance sheets and credit history. To apply for a credit line, clients will be required to provide additional financial information. These financial information checks are important to assess creditworthiness and potential risk.

A financial service provider asks for your background, intentions, and motives. The depth of the screening can be different per private individuals and per company and depends on the risk category you fall into: a simple screening and monitoring for small or low-risk clients and more rigorous screening for larger companies or with a higher risk profile. Depending on the outcome of the screening, you will be accepted as a customer or not. During the screening, additional questions might arise and additional documentation could be requested.