What documents do I need when applying to open a merchant account, and what is a UBO and CDD check?
When you apply for a Payconiq merchant account, we are legally obligated to carry out certain checks. This helps prevent fraud, money laundering and financing of terrorism. This is why we request certain documents and information.
Ultimate Beneficial Owner (UBO):
In most cases, we need a UBO of the company.
A UBO is the ultimate beneficiary of a company, i.e. persons who directly or indirectly own shares or are directors. We only need the details of UBOs who own 25% or more of the company's shares.
Those within your company who have access to the UBO register can download it here.
Identity check (CDD check)
We are obligated to identify and verify a company's legal representatives.
You can find more information about CDD on the FPS Economy website.
All personal data and documents are processed and stored securely, in accordance with Belgian and European regulations.
If you require further information, feel free to contact us via the link below.