As the Marketplace activity takes place in the European Union, Limonetik have legal obligation to provide the payment services, the Vendor subscribe for, as understood in the Payment Services Directive 2015/2366. As associated with a French Payment Institution (PI), Limonetik’s activity is supervised by the French financial regulation authority : ACPR (Autorité de Contrôle Prudentiel et de Résolution). In that regard, Limonetik should take appropriate steps to identify, assess, understand and mitigate the risks of money laundering, as well as assess any data protection concerns in that regard.
Part of this surveillance is the customer identification process called KYC for Know Your Customer. In Limonetik, we have a specific procedure for it, as it is described below :
The Marketplace sends to Limonetik a global description of the Vendor. On this first information, the PI partner makes a first evaluation of the activity and gives Limonetik an approval, or not, for carrying on the enrollment.
Vendors must have a bank account to receive their funds located in the European Economic Area (EEA).
In majority of the cases, marketplace’s initial approval to enroll a Vendor is highly sufficient for the initial check.
In the case the Vendor is approved, Limonetik informs the Marketplace. Then, the Marketplace have to inform the Vendor for approval and for the next steps to follow.
The Vendor, informed by the Marketplace, should send an email requesting the subscription to Limonetik payment services to the following address: [email protected]
Limonetik support team will send Vendor the KYC instructions and the Payment Services Contract according to the Vendor’ subscription choices.
The Vendor should fill the documents following the instructions and the verification checklist, and then reply to Limonetik. After an integrity check, Limonetik will transmit the documents then to the PI partner for a conformity check with the regulation authority.
The PI and the regulation authority make an analysis of identity documents, name matching of customers against a list of known parties, creation of an expectation of a customer’s transactional behavior, monitoring of transactions against expected behavior and comparing it to peer behavior, to say the least.
After evaluating the risk of Vendor activity in the Marketplace model, the PI partner informs Limonetik of its final decision to approve the Vendor enrollment, or not.
In case of a refusal, Limonetik will communicate the decision directly to the Marketplace.
In case of a final approval, Limonetik will proceed to the technical enrollment.
Limonetik will finally informed the Vendor of the successful onboarding. Limonetik will also provide the Marketplace a merchantId dedicated to this vendor. After updating the Vendor profile into the Marketplace solution, by adding Limonetik merchantId, Vendor will be able to make its first transactions.
Updated about a year ago