Identity verification (KYC) for associated parties

Understanding KYC for Associated Parties in Wirex Business

Know Your Customer (KYC) is a critical component of the Know Your Business (KYB) process at Wirex Business. It helps us verify the identities of individuals linked to a business, ensuring compliance with financial regulations and preventing fraud, money laundering, or misuse of services.

During the onboarding process, we require identity verification from certain individuals, also known as associated parties, depending on the type of business you are registering. This helps us build a complete and transparent profile of the company’s structure and ownership.

Business Types & Required KYC Documents

Below is a breakdown of business types and the associated parties who must complete KYC verification, along with the documents required:

1. Privately Owned Companies

Associated Parties:

• Ultimate Beneficial Owner (UBO) / PSC / Largest Shareholder
  Documents: Proof of Identity, Proof of Address

• Shareholder (25% or greater)
  Documents: Proof of Identity, Proof of Address

• 1 Director – Authorised to Access Account
  Documents: Proof of Identity, Proof of Address

• Other Directors / Authorised Representatives (with account access)
  Documents: Proof of Identity, Proof of Address

2. Publicly Owned Companies

Associated Parties:

• 1 Director – Authorised to Access Account
  Documents: Proof of Identity, Proof of Address

• Authorised Representatives (with account access)
  Documents: Proof of Identity, Proof of Address

3. Legal Partnerships

Associated Parties:

• General Partners (if applicable)
  Documents: Proof of Identity, Proof of Address

• Limited Partners (if applicable)
  Documents: Proof of Identity, Proof of Address

• Limited Liability Partners (if applicable)
  Documents: Proof of Identity, Proof of Address

• Authorised Representatives (with account access)
  Documents: Proof of Identity, Proof of Address

4. Trusts

Associated Parties:

• Settlors
  Documents: Proof of Identity, Proof of Address

• Trustees
  Documents: Proof of Identity, Proof of Address

• Beneficiaries
  Documents: Proof of Identity, Proof of Address

• Authorised Representatives (with account access)
  Documents: Proof of Identity, Proof of Address

5. DAOs (Decentralised Autonomous Organisations)

Associated Parties:

• Key Members / Founders
  Documents: Proof of Identity, Proof of Address

• Authorised Representatives (with account access)
  Documents: Proof of Identity, Proof of Address

Accepted Documents: Proof of Address (POA)

Documents Dated Within the Last 6 Months:

• Bank-issued documents: Statements, mortgage letters, passbooks

• Utility bills: Gas, electricity, water, internet, landline

• Government-issued documents: Tax bills, residence certificates, voter or vehicle registration, social benefits or pension-related letters

• Other: Rental agreements, employer-issued address confirmations

Documents Valid Regardless of Date (must be unexpired):

• Government-issued ID with address: National ID card, driving license, or residence permit (only if it includes address)

Accepted Documents: Proof of Identity (POI)

Wirex Business accepts government-issued identity documents that include:

• Full name

• Date of birth

• A clear photograph

• Expiration or validity date

❌ Please note: Residence permits are not accepted as valid proof of identity.