What are the “Know Your Customer” (KYC) and “Anti -Money Laundering” (AML) Requirements?
As a payments technology company, BlueSnap is required to collect and verify information about all BlueSnap merchant accounts. Our regulators require these steps in order to prevent money laundering, tax evasion, and other financial crimes. The information that we collect from merchants varies depending on multiple factors, such as business country and business type.
We are required to retain this information for a certain period of time, and we may periodically reach out to confirm the information on a merchant's account is still accurate.
Why does BlueSnap require Additional Document Collection?
Every merchant needs to complete an Account Application to get a live BlueSnap account. In certain cases, the information provided may need additional verification. We may ask for additional documents such as:
- A government-issued photo ID
- A voided check or bank letter
- Business registration documents etc.
- Financial statements
- Processing statements
- Forward delivery schedule
- Website and description of goods related documents
If we need additional documents, someone from our underwriting team will reach out to you with additional instructions. Submitting accurate information is crucial and it reduces the likelihood we will reach out to you for additional documents.
As a platform, what are my options for Additional Document Collection?
Integrated platforms that want to accept payments on behalf of their merchants have two different options for handling the additional document collection process.
BlueSnap directly contacts the merchants and requests additional documents as needed.
BlueSnap passes the document collection request to you. As a platform, you will be responsible for collecting additional documents from your merchants and providing them to BlueSnap in a timely manner. This allows you to present a white-labeled experience for your merchants.
Once you decide which option fits your business needs, you can simply provide either your email or the merchant’s email address in the email address field on the account application. The email you enter determines the party that will receive the document collection emails.
Updated over 1 year ago