The pre-check process is the first step in our AML, Anti Money Laundering, checks which we undertake to determine whether you are qualified to continue with onboarding and become a PayPugs client.
The pre-check includes a standard set of documents and information, listed on our pre-check form. It allows us to be compliant and to provide you with a more efficient service.
Why do you need to undergo a pre-check process?
The pre-check process is part of the Know Your Customer/Know Your Client (KYC) policy. which helps us to make sure that you are who you say you are and to protect you against fraudulent activities by others.
In turn this forms part of AML (Anti-Money Laundering) checks which focus on preventing international money laundering, fraud, and terrorism financing.
The pre-check process helps our onboarding specialists determine if you are ready to proceed to a full check so we can welcome you as a PayPugs client.
What are things you need to know before filling out a Pre-Check Form?
When you are completing a pre-check form, you will need to provide us with the required set of standard documents and information listed on the form. These documents may differ depending on whether you are onboarding as an individual, a company or an introducer.
For us to remain compliant, we are unable to accept errors in the pre-check form, so it is worth carefully reading the instructions and ensuring that all information and documents you provide are in line with the requirements.
Here is a list of you need to provide for the Pre-check Process:
Please bear in mind that these documents must be in English or with a notarized translation.
Contact Information (email, contact number, company and personal address should differ from each other).
Operating License (please provide all the licenses necessary for the company’s business activities.)
Detailed Description of Business (Corporate entities only).
Cash Flow Estimate (Corporate entities only).
Passport / ID (We do not accept a driver’s license or a residence permit as ID.)
Personal Proof of Address. (Bank Statement, Bank Reference or a Utility Bill (water, electricity, gas or landline).Cell phone bills and invoices cannot be accepted.
IBAN information (clients only).
Set of Registration Documents (corporate entities only).
Certificate of Good Standing AND Incumbency OR Excerpt from Registry (corporate entities only).
Proof of the Company’s Physical Address (Utility bill e.g. gas, electricity, landline or water).
Please view our FAQs for a detailed description of these documents and why we require them.