As Payhawk is a financially regulated institution, it will require you to provide some company documents and documents that identify its representatives before you can be given access to its platform. For more information on the compliance regulations to which Payhawk has to adhere, see the article about compliance and the identity verification process.
Compliance and identity verification procedures vary from country to country, and as such, Payhawk is required to collect specific documents to comply with local regulations.
This article summarizes the most common KYC documents collected from applicants from the EEA and the UK. For the required documents by US-based applicants, see the article about applying for Payhawk in the US.
Company requirements
When applying for Payhawk, a company must:
Be registered in the EEA or UK.
Have at least EUR 250,000 (or its equivalent in GBP) for a parent entity in a group or EUR 100,000 (or its equivalent in GBP) for each subsidiary entity in a group in one or more European bank accounts and in the name of the applying entity.
Overview of the application process at Payhawk
To open your Payhawk account, you need to initially submit the following information:
Your name, work email, phone, and residential address.
Information about the company and one of its directors.
Payhawk will send you and the director an ID verification as an SMS that will require a photo of your passport or ID card and a selfie.
If Payhawk requires more information, the respective Payhawk team will contact you within the next 24 hours to provide the additional data. Otherwise, once you finish the ID check, you will be able to start depositing funds to your new account right away.
Required company documentation
During the application process, companies will be required to submit the following information:
Latest available version of a company’s Articles of Association.
Certificate of Good Standing, issued within the last six months - the Certificate can be extracted from a respective country’s Company Registry and should include the up-to-date status of a company, including general data, directors, and legal representatives.
A state-issued UBO extract/Shareholders’ list, issued within the last 6 months.
Required information for company representatives
Payhawk only requires personal data for KYC (Know Your Customer) and AML (Anti-Money Laundering) checks. Such documents will be collected for both the Managing Directors of a company and/or the Ultimate Beneficial Owners.
Firstly, a company representative through whom a company applies for a Pyhawk account will need to verify their identity through Onfido - this could be an applicant and/or a company director. The process includes taking a photo of the chosen identity document and a selfie, which usually takes a couple of minutes to complete.
Note that an identity verification of Managing Directors and Beneficial Owners (having 25% or more ownership) is also required, and as such, the requests would include the following documents:
An ID - this may be an ID card or passport.
A Proof of Address document, issued within the last three months of the date of the request - this could be a utility bill for water, gas, electricity, landline phone or Internet, or credit or debit card statement. Other government-issued tax or residence documents with a personal address on them would suffice as well.
Identity verification process
The identity verification process needs to be initiated and completed for the person submitting the application and the director whose details are submitted during the application journey, that is, the individual who exercises control over the management of the company.
To successfully complete the identity verification process, Payhawk will send you an ID verification link as a text message or over email that will require a photo of your passport or ID and a live selfie or a video. For these purposes, Payhawk partners with Onfido - an external provider and personal ID Verification Tool, used to speed up the client onboarding process.
Once you have received a link to Onfido, follow these general steps to upload your ID and selfie:
Open the link - click on the link you received. This link will direct you to the Onfido platform for identity verification.
Provide your personal information - enter the required personal information such as your name, date of birth, and any other details requested.
Upload the ID document - you will be prompted to upload images of your ID document. Ensure that the document is valid, unexpired, and fits the specified criteria (for example, clear, visible, no glare). Follow the instructions to capture images of the front and back of your ID.
Capture your selfie - after uploading your ID, you may be asked to take a selfie. Follow the instructions for capturing a clear and well-lit photo of your face. This helps in comparing the selfie with the photo on your ID.
Review and confirm the data - carefully review the information you provided and the uploaded images. Make sure everything is accurate before confirming the submission.
Wait for the verification - after submission, the verification process may take some time. You might receive an email or notification once the verification is complete.