KYC collection process
As the business takes place within the European Union, Thunes Collections has legal obligations tied to the provision of payment services to merchants ; as understood in the Payment Services Directive 2015/2366.
Moreover, the activity of Payment Institutions and its Agents is supervised by the French financial regulation authority: ACPR (namely Autorité de Contrôle Prudentiel et de Résolution). Consequently, Thunes Collections has the obligation to take appropriate measures to identify, assess, understand, mitigate risks of money laundering, and to address any data protection concerns in that regard.
NOTE: Thunes Collections’ legal obligation to formally identify its business partners is known as the “Know Your Customer” process, or the “KYC” process.
The onboarding process, step by step
Step 1: Marketplace Introduces the Merchant/Vendor
The Marketplace must send to Thunes Collections, for each new Vendor, a global description of the Vendor’s business.
Based on a first screening of this description, the Payment Institution (PI), a partner of Thunes Collections, allows the vendor to carry on (or not) with the enrollment process.
To receive their funds, Vendors must have a bank account located within the European Economic Area (EEA).
When a Vendor is allowed to carry on with the onboarding process, Thunes Collections informs the Marketplace. In turn, the latter has to inform the Vendor about the approval and about the next steps to follow.
Step 2: Vendor Introduction
Upon getting the greenlight from the marketplace in step 1, The Vendor must request by email a subscription to Thunes Collections’ payment services: [email protected]
Upon reception of the vendor’s request, and as the law requires, Thunes Collections’ support team will email back:
- A list of “Know your Customer” documents that Vendors must provide (aka KYC documents); and
- The Payment Services Contract suited to the Vendor’ subscription choices.
Step 3: KYC Documents Collection
The Vendor must gather all requested documents and, based on the Support Team instructions, either:
- Upload the documents on the thunes Collections’ web portal ; or
- Return the documents by email.
Note that a checklist is also provided along with the instructions to make sure that Vendors do not forget any documents.
Once all documents have been received, Thunes Collections sends them to the compliance department of its partnering Payment Institution, which will validate or reject the Vendor’s documents. For more details on the validation of your KYC files, please read the next step.
Step4: KYC Validation
The compliance department of the Payment Institution (PI) performs notably an analysis of the provided KYC documents (see previous step), and a check of the names of the C-level, against lists of known parties.
After evaluating the risk of merchant's activity in the collecting model, the PI partner informs Thunes Collections of its final decision to approve the merchant's enrollment, or not.
After evaluating the risk of Vendor’s business activity in the Marketplace model, the PI partner informs Thunes Collections of its final decision to approve (or not) the Vendor enrollment.
In case of a refusal, Thunes Collections will inform the Marketplace.
Step 5: Back Office Configuration & official communication
When the Vendor is approved, Thunes Collections informs both the latter and the marketplace before kick-starting the technical enrollment of the Vendor.
During technical enrollment, Thunes Collections will provide the marketplace with a dedicated merchantid for the newly approved Vendor. This ID will allow the marketplace to create transactions for this vendor, thereby kick- starting the Vendor’s operations on the marketplace.
Updated about 1 year ago
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