Onboarding & KYC (Know Your Customer) - Stripe

A quick guide that may be helpful to assist with the Onboarding & KYC process

What is KYC?

KYC stands for Know Your Customer / Client.

KYC processes are employed by companies of all sizes for the purpose of ensuring their proposed customers, agents, consultants, or distributors are compliant, and are actually who they claim to be.

Financial Services require that merchants make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship and processing payments online. The objective of KYC guidelines is to prevent businesses from being used by criminal elements for money laundering. The procedure fits within the broader scope of financial institutions’ Anti-Money Laundering (AML) policy.

Step 1: Logging into the Javelin portal

• Each company is assigned an Administrator who handles their operations on the Javelin portal. This Administrator account would be created by Javelin, and they would receive an email with instructions on how to log into the account.

• Once the Administrator is logged in, they can follow the instructions in this help article to add further members of their team.

Step 2: Completing the KYC

Once logged into the Javelin portal, you will see a link on the main left menu for "Companies". Please click on it, and you will see a screen similar to the one below.

Here you will see either a single company, or a group of companies that you have access to. To initiate the KYC process, click on the "Actions" button the right hand side, and choose "Go to Stripe Onboarding". This will show you a confirmation screen, after which you will be taken to a Stripe hosted KYC screen.

The KYC process essentially asks you for information regarding your business, and the people associated with that business. On this first screen, you will need to enter detailed information about your company. Please note that these fields may vary depending on your location.

Following the company information section, you will be asked to provide information about individual or individuals who control and/or manage the business.

Depending on your location, you may be asked to submit information about the directors of your company.

You may also be asked to submit information about the executives in control of your company.

Afterwards, you will be asked to provide documentation to verify the information you've provided. This documentation may include, but is not limited to, identity documents of the owners, address documents of the owners etc.

Once the information is provided, you can continue with the KYC process.

Finally, the Stripe KYC screens will show that all the required information has been submitted. Once that's done, it can take a few days for the verification to be completed.

Step 3: Adding your bank account

This is the step where you need to add a bank account where your payouts will be deposited. To do this, please open the Company Details screen by clicking on the ID on the Companies screen. Scroll down until you reach a section called "Stripe Bank Accounts".

Here, click on the "Add a bank account" button, this will open a new section as shown below. Enter the relevant details, and click on Create.

Once that's done, your bank account is setup successfully. If the account information is incorrect, relevant errors will be shown here as well.

You can visit the Company Details screen by clicking on the ID on the Companies screen to check the status of the KYC process. This is shown towards the bottom under the section "Stripe KYC", and this section will also show you if any of the required items are missing.

Once all the correct information has been supplied and verified, you will see a green check mark next to the "Details submitted" field, and the "Disabled Reason" field will be empty. This would mean that the KYC and bank account addition process is complete.

Please contact [e-mail] in case you run into any issues during the KYC process.