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Compliance

Updated time: Aug 19, 2020 , 04:49 (UTC+03:00)

The procedure of compliance for new merchant application is described in detail as following:

What are the requirements of PayCEC for new application merchants?

PayCEC will only accept payment to new Merchant after going through the Customer Due Diligence measures such as verification of identity, address, nature, and location of business activity, profession, the purpose of the intended account, social and financial status, source of funds, etc. Customer information and details collected at the time of account opening shall remain confidential and shall not be divulged except when required under the provisions of applicable laws and regulations.

Those are the required documents needed to be ready:

  • Certificate Of Incorporation
  • Business Registration
  • Passport copy of Beneficial Owner and Authorised Signer
  • Beneficiary Bank Account Statement
  • Proof of residential address of the beneficial owner (Utility bill or bank statement not older than 3 months) and of those authorized signer
  • License (if any)

What are the standards for PayCEC Document Compliance Checklist?

Completion of Merchant Basic Information

Besides providing basic information and uploading documents directly on the Dashboard. Only information and documents through Eligible Introducers (Intermediary) will be reviewed by PayCEC compliance team. Upon submission of such documents for the first time, the PayCEC will be advised of the status of the request for account opening. Alternatively, the list of missing items will be provided accordingly.

Certification of Documents

All documents submitted to the PayCEC (original or electronic copy) should be duly certified as true copy of the original. The certification must be in English or accompanied by a certified translation to English by an independent accredited translator and include wordings as “Original Seen” or “Certified True Copy”. In addition, please ensure that the full name, position, signature, contact details (telephone, fax, email & web address), as well as the company stamp, must be clearly shown on the certified document.

Scanned Copies of Documents

Merchant’s first payment is approved based on scanned certified copies sent via the Merchant Account Dashboard. However, originals will have to follow within 2 weeks as date of account opening.

Which Certifiers are acceptable to PayCEC?

List of Acceptable Certifiers

  • Corporate service providers regulated by the financial services authority
  • Law firms
  • Accountancy Firms/ Practicing Certified Accountant
  • Legal Practitioner Lawyers
  • A Practicing attorney/solicitor/barrister/judge/ magistrate
  • Public Notary
  • Apostille as per Hague convention
  • A Manager
  • Police officers
  • Government officials
  • Embassy/Consulate or High Commission of the country
  • A member of the judiciary
  • Justice of Peace
  • A Commissioner for Oaths

What is the post-procedures of PayCEC?

Periodically Review of Documents Compliance, Website Contents, and On-going Transaction

To ensure that the latest details about the customer are available, the PayCEC periodically updates the Merchant data based upon the risk category of customers.

Website Contents Spot check

As such, the PayCEC reserves the right to ask for any additional details/documents as and when required. This is just to confirm that the account is not being used for any Money Laundering/Terrorist/Criminal activities.

On-going Transaction Monitor

For any transaction violated terms and conditions as stated in Term of Service, PayCEC reserve right to interfere without advance notice to protect parties related and

The PayCEC can decline the application of any prospective client and also exit relationships with any existing client without giving any specific reasons.

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