As an entity which collects and processes payments on behalf of customers and third parties, we are required to adhere to KYC and AML procedures. This is to reduce risk to TheMarket, and other merchants selling on it, of reputation damage, non-compliance with NZ laws & regulations, or financial loss.
KYC means we need to know who controls or owns the merchants we are signing on. During on-boarding we may ask for information and documents as part of our KYC and risk assessment procedures. This information may be shared with our bank, to satisfy their compliance checks on us.
The information and documents we may request include:
- Company legal name and registered address
- Bank account details and proof of bank account such as a deposit slip or bank statement
- Company registration number
- Details of directors of the company (names and addresses)
- Details of majority shareholders of the company (names and addresses)Declaration that all necessary licences, accreditations or approvals are held to import/ sell products in NZ for high risk product categories, with supporting documentation (e.g. proof of liquor licence if the merchant is selling alcohol)
- Credit status/ financial standing - we may undertake credit checks or ask for proof of financial standing, such as banking facilities and financial statements