This article answers some of the most frequently asked questions (FAQ) related to applying to Payhawk and opening your company account on the platform.
How long does it take to open my company's Payhawk account?
0 to 14 business days, depending on the complexity of the company structure and the time taken to submit and verify the requested documents.
What documents Payhawk requests?
The documents requested include proof of identity for owners and directors, company registration documents, and proof of ownership structure. The reason for this is to verify the company’s legal standing and ensure compliance with AML and KYC regulations.
Why does Payhawk request company, business owner, and director information?
Payhawk requests this information as part of its due diligence process to comply with regulatory requirements, including AML and KYC rules. This helps prevent financial crimes and ensures that Payhawk only works with legitimate businesses. The information is necessary for Payhawk to verify the identities of the people controlling or owning a company to ensure compliance with legal requirements.
For more details, see the article about compliance checks and identity verification at Payhawk for UK and EEA entities.
What agreements are signed by the person completing the KYC-KYB process?
The person completing the KYC/KYB process will be required to sign agreements related to the terms of use, privacy policy, and any legal agreements required to comply with local regulations. These agreements confirm that the company has provided accurate information and agrees to Payhawk’s terms.