What do I need to do to verify my account?

Business Activation is required when you want to perform transactions in a live environment. 

For Business Activation, You'll need to provide your First & Last Name, Email, Business Name, and Country of Incorporation to begin with.

Quick summary on the pre-requisites are as follows:

1. Company Registration & Company Address details

2. Authorised Officer: An authorised officer is an individual who is authorised to work with Finmo to operate the account as well as sign all commercials. We would require the Identity verification documents of the Authorised Officer.

3. Shareholder information (Ultimate beneficial owners owning more than 25% of the business)

4. Industry Type and Product Description so we understand what services you are offering to your customers

Once the form is submitted, our Compliance team will review the information shared and get back to you in case of additional information required to complete the KYB process. 

The activation timeline for your account is usually the same day for most of the low-risk industry segments. For medium to high-risk segments, there may be an extended due diligence process which usually depends on case to case basis.

KYB (Know Your Business) Process Documentation

The purpose of this documentation is to guide users through the KYB (Know Your Business) process on the FINMO platform.KYB approval is a mandatory step for users before they can start using the platform for payments.

Procedure:

• Login to your Dashboard:https://dashboard.finmo.net/login

• Navigate to the Home Tab in the menu bar and then click on Start Button highlighted in red to initiate the KYB process.

• Upon clicking the Start button, we request you to fill up the form with accurate details
  
  
  
  

1. There are 11 steps starting with Business Type. This information helps us meet requirements from regulators, financial partners, and our Services Agreement.
   
   

2. Business Details

3. Authorised Representative: Authorised representative is the personnel authorised to activate the account with Finmo and sign the agreement on behalf of the business.

4. Business Owners: Due to regulatory requirements, Finmo is required to collect information on business owners & shareholders who hold significant ownership of the business.

5. Company Directors: Due to regulatory requirements, Finmo is required to collect information of all the directors of the company.

Identification Document is mandatory for at least one of the directors.

6. Support Information: This information will help your customers to recognize your business.





7. Bank Details : Finmo or their licensed partners (in some cases) can also settle the funds to your nominated bank account. In case you need to add more bank accounts you can do so later from the dashboard.

8. 2FA : Finmo uses two step authentication to prevent unauthorised access to the Dashboard and provide more secure options when making payments.

Note: SMS's may be delayed or not sent due to telecom operator restrictions. We advise you to select both SMS and Email for receiving notifications. Your business users will have this enabled when they create an account but can always be changed in future.



9. Pricing

No action needed here.




10. The second last step is to review and agree MSA




11. Once all steps are completed, review the information, and submit the KYB documents as instructed.

• After successfully completing the Business Account Activation Process and KYB documents, a notification will be automatically sent to our compliance team.
  
  

• Our Compliance team will review the submitted KYB documents and you’ll receive an “KYB Status update” notification over Email. 
  
  

• Once the KYB documents are approved, you will gain access to initiate live payment transactions.