Verification Process

As a regulated financial institution, we are legally required to perform certain checks and collect specific documents during onboarding. These requirements are mandated by law (e.g. Anti-Money Laundering (AML) regulations). The information, documents collected and checks performed by Embed are necessary to comply with legal obligations and to protect both your business and the financial system as a whole.

To successfully onboard your merchants, the following documents need to be collected and checks performed.

Required Documents

All documents (and photos of such documents) should meet these criteria:

  • Valid (non-expired).
  • High-resolution, colour photos.
  • Original images, no screenshots or graphic editing software.
  • Easily readable document with no flash or blurriness.
  • All four corners of the document are visible.
  • The document includes your signature, where required.
  • We only accept documents written in Latin characters. Documents in Arabic, Hebrew, or Japanese without an English translation are not accepted.

Checks

Company Verification (KYB)

Embed verifies that a business is active and registered with a reliable and independent source. Before processing payments and receiving payouts, Embed must verify company information.

Company Status

To verify the legal name and company registration number, we request a registration document, such as a Chamber of Commerce Extract.

  • The document must be issued by a reliable, independent source such as the local commercial register.

Ownership Structure

We need to identify and verify the company's shareholder structure and identity and verify the persons(s) ultimately owning 25% or more. Provide an up-to-date Shareholder Register or similar documentation that shows:

  • Legal entities owning part of the company and their respective percentages
  • Individuals owning 25% or more of the company (UBOs)

Identity Verification (KYC)

Identity verification is performed for every individual whose position or control-level in a company requires this (e.g. Ultimate Beneficial Owners or Authorised Representatives).

Embed uses a third-party provider for automated KYC processes. As an Authorised Representative, you must:

  • Scan your ID/Passport;
  • Successfully perform a liveness test; and
  • Provide a recent proof of address (less than 6 months old). Authorised Representative: The person who is legally authorised to represent the company and does so in relation to Embed (usually a director). Embed must verify the identity and address of the individual via an automated process. In case the automatic verification fails, Embed will request an ID document and Proof of Address to complete the verification.

Ultimate Beneficial Owners (UBOs): The person(s) who effectively control(s) the company, by owning 25% or more of the company, or having 25% or more of the voting rights. Embed must verify the identity of these individuals, via a valid ID being presented for all of the UBOs.

As a Ultimate Beneficial Owner (UBO), a valid copy of ID/Passport has to be uploaded.

The uploaded ID document has to:

  • Be valid (non-expired).
  • Have the machine-readable zone visible if available.
  • Be a full-color photo or a scan of a physical ID.

Bank Account Verification (BAV)

Before processing payments and payouts, Embed must verify the bank account(s) used. This includes ensuring the bank account provided exists and is owned by the account holder. A proof of ownership document must be provided, meeting these criteria:

  • Not older than 12 months
  • Mentions the bank account holder and bank account

Acceptable Documents

  • Bank statements
  • Deposit tickets, deposit forms, or account agreements signed or stamped by the bank
  • Screenshots of the online banking environment
  • Letters from the bank

If you have any questions or need assistance, please contact our support team.