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Business onboarding and identity verification
Business onboarding and identity verification

Learn about the onboarding process at Mamo

Updated over a week ago

Identity verification of my business

As part of the Mamo Business registration process, we require businesses to verify their identity, what they do, and how they do it. This helps protect you and us against fraud, disputes, money laundering, and other nefarious activities. This is known as ‘Know Your Business’ (KYB).

At Mamo, we are obliged to protect our interests when working with other businesses. This helps us create a safe, secure and reliable platform for businesses like yours. As part of this process, we must verify information about your business to ensure that we can work together.

We understand that every business is unique, and the verification process may differ depending on whether you are a freelancer or a registered business. Rest assured that we will work with you every step of the way to make the process as smooth as possible.

Business beneficial owners

The beneficial owner is the person who owns or controls your business. To prevent financial crime, we need to understand and trust the people we do business with.

Identifying the beneficial owner helps us understand who profits and operates the business to ensure that we work with trustworthy individuals. This is all part of a worldwide system in place to protect individuals and businesses like ours and yours against fraud, corruption, money laundering and terrorist financing.

Additional documents to complete verification

Occasionally, we may request additional supporting documentation. This is decided on a case by case basis. Here are some examples of additional documentation we may request:

  • Bank statements (for source of funds and source of wealth checks)

  • Invoices between you and your customers

  • Identity documents

  • Further information about the nature of your business including a website URLs or social media handles

Expired documents and re-verification

As part of our ongoing KYB process, we may need to re-verify your documents if they have expired.

We understand that this process can feel frustrating, but it's important for us to maintain a safe and secure financial environment for all our customers. That's why we offer a 30-day grace period after your documents expire to allow for renewal. Please ensure you update the requested documents by the end of this grace period to prevent any limitations on your account.

To make the re-verification process as easy as possible, we allow you to upload new documents via your Mamo Business dashboard. Simply follow our guidance on what documents are acceptable, and you'll be all set!

Please note that you may receive occasional emails or reminders from Mamo's designated customer support email. If you ever receive a suspicious link or phone call, please don't provide any information about your account. Instead, contact Mamo using our Chat feature below.

Source of funds and source of wealth

As a regulated company, Mamo needs to meet certain regulatory requirements. One such requirement is to check a customer's source of funds and source of wealth.

We understand that these checks may feel intrusive, but they're important for verifying that your hard-earned cash comes from a legitimate source and that your account is being funded for a legitimate purpose.

While we can't say for sure how long these checks might take, we'll do our best to complete them as soon as possible.

Occasionally, our automated systems may flag your account for review as part of our standard process, but we'll only request additional documents if we don't already have the information we need available. We make every effort to ensure that this experience is as hassle-free as possible, so you can continue to focus on growing your business.

Politically exposed person (PEP)

A politically exposed person (PEP) is someone who is or has been entrusted with a prominent public function. Due to their position and influence, it's recognized that many PEPs may have more opportunities to be involved in corruption, bribery, and money laundering. It's important to note that this can include family members and close associates of the person holding a prominent public function.

As a regulated financial services company, we're legally obliged to establish whether you, as a customer, might have any political connections. However, there's nothing to worry about as these requirements are preventive in nature and should not be interpreted as stigmatizing PEPs as being involved in criminal activity.

We want to assure you that our goal is to maintain a safe and secure financial environment for all our customers, and identifying PEPs is just one of the ways we do that. If you have any questions or concerns about our compliance obligations or any other matter, please don't hesitate to contact our support team. We're always here to help.

What does being a PEP mean to me?

If we establish that you are a PEP we will simply ask you to do a source of funds and source of wealth check. It is not because we don't trust you, we are just legally bound to do so, as part of our standard operating procedure.

What if I don't want to be considered a PEP?

Unfortunately, it doesn't solely depend on us or our judgement. We need to follow certain procedures and regulations set forth by regulatory bodies. However, if you are considered an Associate PEP due to the proximity of your relationship with another person and that is no longer in place (for example, due to divorce or annulment), then please let us know we will take that into consideration.

We unfortunately won't be able to let you know about the results of the investigation, but will record this and take it into account.

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