The procedure of compliance for new vendor application is described in detail as following:
What are the requirements of WPC for new application vendors?
World Payments Corporation will only accept payment to new Vendor after going through the Customer Due Diligence measures such as verification of identity, address, nature and location of business activity, profession, purpose of 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 required documents needed to be ready:
Certificate Of Incorporation
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 authorised signer
License (if any)
What is the standards for WPC Document Compliance Checklist?
Completion of Vendor Basic Information
Besides providing basic information and uploading documents directly on Dashboard. Only information and documents through Eligible Introducers (Intermediary) will be reviewed by WPC compliance team. Upon submission of such documents for the first time, the WPC will be advised of the status of request for account opening. Alternatively, the list of missing items will be provided accordingly.
Certification of Documents
All documents submitted to the USA Business (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
Vendor first payment is approved based on scanned certified copies sent via Vendor Account Dashboard. However, originals will have to follow within 2 weeks as date of account opening.
Which Certifiers is acceptable to WPC?
List of Acceptable Certifiers:
Offshore Management companies regulated by the Financial Services Commission
Corporate service providers regulated by the financial services authority
Accountancy Firms/ Practicing Certified Accountant
Legal Practitioner Lawyers
A Practicing attorney/solicitor/barrister/judge/ magistrate
Apostille as per Hague convention
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 USA Business?
Periodically Review of Documents Compliance, Website Contents and On-going Transaction
To ensure that the latest details about the customer are available, the USA Business periodically update the Vendor data based upon the risk category of customers.
Website Contents Spot check
As such, the USA Business 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, USA Business reserve right to interfere without advance notice to protect parties related and
The World Payments Corporation can decline the application of any prospective client and also exit relationship with any existing client without giving any specific reasons.