This article covers the documentation you’ll need to provide when moving to Spektrix Payments. You’ll need to provide these documents to comply with Adyen’s Know Your Customer (KYC) and Anti-money laundering (AML) requirements.
Before you read this article you should be familiar with:
Why do I need to provide documentation?
When onboarding to Spektrix Payments, you'll need to supply documentation to comply with KYC checks. A KYC check (also known as Know Your Customer checks) is a process financial institutions must follow to verify the identity of potential customers or clients.
The KYC checks apply to anyone opening an account with an financial institution, for example, a personal or business bank account.
What are KYC checks?
KYC checks are designed to prevent money laundering or other illegal activities as well as ensuring you remain compliant with the correct laws and regulations, prevent fraud, manage risk and build customer trust.
These requirements are set by the Financial Conduct Authority (FCA) in the UK, The Central Bank of Ireland (CBI) in the Republic of Ireland, Financial Services Agency (FSA) in the US, and The Financial Transactions and Reports Analysis Centre of Canada (FINTRC) in Canada.
Company Details
You will need to supply the following details about your company:
- The legal entity name of your company
This is the office name under which your company is registered and operates. It is essential for verifying your company's legal identity in legal contracts, financial transactions and regulatory filing. -
Company structure (for example, private, public, incorporated partnership, non-profit or charitable organisation)
Different company structures have different legal and regulatory requirements. Knowing the structure helps in understanding the applicable laws, reporting obligations, and tax treatments. The structure can also indicate the level of risk involved in doing business with it, especially in terms of liability, governance, and financial stability. -
Company Registration Name (if different from the legal name)
Some companies may operate under a trade name or a doing business as (DBA) name. This may differ from their legal name. Providing both names ensures transparency and helps avoid confusion in legal and commercial dealings.Correctly identifying all names under which the company operates is crucial for the accuracy of contracts and agreements.
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Tax Identification Number (US only)
The Tax Identification Number (TIN) is essential for tax purposes. It identifies the company for tax reporting and payment. A Tax indentification number ensures that the business complies with federal and state tax laws. A Tax Identification Number is often required for opening bank accounts, applying for loans, and conducting financial transactions in the US. -
Company Number (UK only)
The Company Number is a unique identifier assigned by Companies House when a company is registered in the UK. It is used for all official filings, and is essential for legal recognition and verification.This number is used in all communications with regulatory bodies, ensuring compliance with corporate governance laws.
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VAT Number (UK only)
A VAT number (also known as Value Added Tax) is compulsory for VAT compliance and reporting. A VAT number enables an organisation to charge VAT on sales and claim back VAT on purchases made by the organisation.For organisations involved in international trade, a VAT number is crucial for dealing with VAT within the EU and for ensuring proper tax treatment of cross-border transactions.
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Registered Address and Operational Address (if different)
The Registered Address is the official address for receiving legal documents and government correspondence. It’s important for legal recognition and compliance.The Operational Address indicates where the organisation's business activities are conducted. Knowing both addresses helps in understanding the company’s structure and operation logistics.
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Company Registration document
The Company Registration document is proof that the company is legally registered and recognised by the relevant authorities. It includes vital information about the company’s legal status.For potential partners, investors, or regulatory bodies, the company registration document is a critical part of due diligence processes, providing assurance that the company is legitimate and operates within the legal framework.
Your Company Registration document must be:
- Issued by a reliable, independent source such as the local commercial register of the country where the business is registered in
- Issued within the last 12 months
TIP: If your document is older than 12 months, then it should contain a statement with the company’s assets and liabilities. You will need to have it signed and dated by someone with decision-making or signing power with the company. Make sure the date, title, and legal entity name are included.
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UK
- Companies House: The primary registrar of companies in the UK. Companies House is responsible for incorporating and dissolving limited companies, and maintaining records such as Company Registration documents, annual returns, and financial statements.
Republic of Ireland
- Companies Registration Office (CRO): The CRO is the central repository of public statutory information on Irish companies. It is responsible for the registration and regulation of companies in Ireland, issuing documents like Certificates of Incorporation and annual returns.
US
State Secretaries of State Offices: In the US, business entities are registered at the state level. Each state has its own Secretary of State (or an equivalent office), which handles company registrations and issues official documents like Articles of Incorporation or Certificates of Good Standing. For example:- Delaware Division of Corporations: For companies registered in Delaware.
- California Secretary of State: For companies registered in California.
Internal Revenue Security (IRS): While not a company registrar, the IRS issues Employer Identification Numbers (EIN), which is crucial for tax purposes.
Canada
Corporations Canada: The federal body responsible for the registration of businesses under federal jurisdiction. This includes the issuance of certificates of incorporation and other official documents for federally incorporated companies.
Provincial Registries: In Canada, companies can also be registered at the provincial level. Each province has its own registry office, such as:
- Ontario Ministry of Government and Consumer Services: Manages company registrations in Ontario.
- Registraire des entreprises (Québec): Manages company registrations in Quebec.
Decision Makers
The purpose of sharing personal registration documents for company directors and controlling persons is to verify their identity. This ensures you're compliant with legal standards and promotes transparency and accountability.
Providing identification documents can help to prevent fraud and assess the risk associated with a company’s leadership. This process helps maintain financial integrity and enforce regulatory requirements.
Personal details of the decision makers, which includes the controlling person, owner, and a signatory. The controlling person and a signatory are mandatory. The terms are defined below:
- Director: Individuals who sit on the board and are responsible for the overall governance and strategic decisions of the organisation.
- Controlling person: Authorised to make major business decisions (this may or may not be the owner).
- Owner/Shareholders: Individuals or entities that own a significant portion (often 25% or more) of the company’s shares. They have substantial control over the company’s operations and decisions.
- Senior Management: Authorised to sign contracts on behalf of the company.
- Signatory: Authorised to sign contracts on behalf of the company.
- Beneficial Owners: Individuals who ultimately own or control the organisation, even if they are not formally listed as owners or directors. This includes people who benefit from the organisation’s operations, usually owning a significant percentage of shares or voting rights.
For each decision maker, the following details will be required unless specified:
- Name
- Date of birth
- Country of residence
- For US citizens, the last four digits of your Social Security Number
- Email address (signatory/main decision maker)
- Phone number including country code (signatory/main decision maker)
- Job title (controlling person and signatory only)
- Personal address (signatory/main decision maker)
You’ll need to provide one of the following ID documents for each decision maker:
- Passport (Biodata page)
- Identity card (copy of the front and back is required)
- Driver’s licence (copy of the front and back is required)
ID Document Requirements
- The document should be in good condition. Damaged and expired documents will not be accepted.
- Provide the full document the photo, including any codes or identification numbers
- The full document needs to be visible, with all text readable
- Images have to be in colour
- Avoid glare when taking a photo of your document
Payout Account
The name of the bank account holder must match the name of your company. To verify your Payout account, you’ll need to provide the following:
- Account number
- Routing number or Sort Code
And one of the following documents:
- Bank statement
- Deposit ticket/deposit form
- Screenshot of online banking environment
- Official email or a letter from your bank
Bank Document Requirements
- The account holder name on the document must match the legal business or trading name of your company
- The account number needs to be visible
- The routing number or sort code should be visible
- The date on the document must be less than 12 months old
- It has to be official document from a bank, displaying the bank’s logo, the bank’s name and a bank-specific font.
This article should give you information on the documentation you need to provide when moving to Spektrix Payments. To learn more about payments, visit the Manage Payments section of the Support Centre.