What is Know Your Customer (KYC)?
What is your Know Your Customer (KYC)?
Know Your Customer (KYC) is a mandatory safety check required by law - the Money Laundering and Terrorist Financing Prevention Act. All financial institutions, including our partner Mynt, must verify who their customers are and understand the nature of their business. This helps keep the financial system secure for everyone.
Who should complete the KYC?
The KYC process must be completed by a Legal Representative—a person who has the right to sign on behalf of the company.
- If you have signing rights: You can proceed with the application immediately.
- If you do not have signing rights: You can contact the Legal Representative of your company to activate CostPocket Company Cards and start the KYC procedure.
What information do I need to provide?
During the setup, you will be asked a few simple questions about your company’s needs:
- Card volume: Approximately how many cards do you think your business will need?
- Estimated spend: How much do you estimate the company will spend in total across all cards per month?
- Purpose: What is the primary reason your business is using these cards (e.g., travel expenses, daily office supplies, online software)?
- Beneficial owners: You must identify the owners of the company. Mynt will try to pre-fill this information automatically from the state register, but you may need to provide personal identification numbers.
- Safety Checks: You will be asked if any owners are Politically Exposed Persons (PEP) or if the company does business in high-risk countries.
- Terms: Finally, you will need to read and accept Mynt’s Terms of Use and Privacy Policy.
What happens after I submit?
Once the information is submitted, Mynt’s compliance team will review your application.
- Notification: You will receive an email once your "Know Your Customer" information has been processed.
- Next Steps: After approval, you can immediately add money to your account or apply for a credit (available only in Finland).
- Communication: If more details are needed, or if the application is rejected, Mynt’s customer service will contact you directly via email to explain the next steps.