By Annija Grendziņa Onboarding Specialist at PayPugs
When you are ready to take control of your finances and join PayPugs there are a few things to know before kicking the process off. We follow a gold standard of Anti-Money Laundering (AML) and Know Your Client (KYC) checks throughout our onboarding process. These important procedures ensure compliance with all regulations and are an important part of the fight against fraudulent activity.
The relationship kicks off with the Business Development Officer sharing the pre-check form. This is done electronically for everyone’s convenience. It includes questions about the business but also requires certain important documentation to accompany the submission. All information is securely saved and stored according to the General Data Protection Regulation (GDPR) and will remain confidential according to NDA terms and conditions.
The requested documents list is nothing out of the ordinary – it includes familiar documents such as registration documents and the Certificate of Good Standing to name a few. As a business these documents are vital to you and us in order to operate correctly and legally.
When the onboarding team reviews the pre-check application, it is important to remember that the form is considered as a whole, and once submitted, new information cannot be added. From the get-go make sure you have completed all of the information and included all of the documents. This goes a long way to avoid being declined for incompleteness and having to re-submit once you have all of the necessary records to show.
When your pre-check is approved an invoice for the onboarding fee will be issued to you, and once the payment has been received the application goes to the AML team for a full-check. At this point you should be prepared to submit additional documents depending on what industry you do business in. This is a vital step in the check and ensures the safety of your business as well as ours.
Only you can ensure that you submit the correct documents at all stages of the vetting procedure. If you’re declined for incompleteness at this point in the process, your onboarding specialist will get in contact about your status and discuss the next steps.
Bear in mind that for legal reasons the onboarding process is done exclusively in English. The latest version of certain documents (not exceeding three months) in English, will also need to be on hand. Provide all of the information and documentation required – from the pre-check moment, this is a legal process dictated by the regulations we operate under that cannot be changed or varied from.
You can rest easy knowing your money is safe with PayPugs and that our onboarding process helps us get to know you better to provide personalised services according to your needs! Support is always just a click away to help you understand the process and get you a step closer to joining the online payment solution for all – PayPugs!