Why we do verification
Like all financial institutions in the UAE, and in line with local laws and regulations, Mamo is obligated to collect information about you and your business and run certain checks on this information before verifying your Mamo account and allowing you to use it.
These checks are also known as:
KYC (Know Your Customer)
KYB (Know Your Business)
AML (Anti-Money Laundering) checks.
They are designed to protect the UAE's economy against fraud, money laundering and other nefarious activities.
The information we collect during our verification process helps us ensure that every business or individual operating in the UAE is legitimate and adheres to local laws and regulations. If interested, you may learn more about these checks here.
Data security
Your money matters. And so does your data. You can rest assured that we work very hard to keep them both safe.
How long does it take to open a Mamo Business account?
Once you've submitted a full set of documents, we will have your account approved, validated, and up and running within 2-3 business days.
In rare cases, and due to different circumstances (e.g., incorrect or expired documents), accounts can take up to 5 days to open.
With that said, you can still register and login to Mamo Business right away and get familiar with the platform before being verified.
Please remember that you won't be able to start receiving payments until you have uploaded all your documents and your account has been verified.
Next steps
There are 5 basic categories of information that we will ask you for:
This information helps us get to know and understand you personally. We'll ask for basic stuff like your full name, role in the business, contact information, and how you heard about us. If you were referred to Mamo by a friend, you'll be able to enter your referral code here. | |
Here we'll ask for details about your business, your revenues and expenses. We have to understand things like what your business does, how customers discover you, and how you typically sell. | |
Here our goal is to collect documentation that validates everything you'd told us in the previous section. We'll store this documentation on file in case we ever need to refer back to it in the future. | |
To get paid, you'll need to provide us with your business bank account details. Here we'll ask for your IBAN and proof that this bank account is truly yours or in the name of your business. | |
As per regulatory requirements, we're obligated to run KYC verifications and screening on all owners of every business. This includes majority and minority owners. For companies owned by other companies, we're obligated to follow the ownership trail all the way to the top. |
Try to be as specific, accurate and honest as possible when filling these sections out. The more specific and detailed you are the faster the verification will be.
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