The financial products via intersolve.eu are legally considered a means of payment and are issued by Intersolve Payments B.V., a financial institution supervised by De Nederlandsche Bank. Every financial institution is legally obliged to know its customers well. Banks, for example, also check their customers when they open a bank account or take out a mortgage.
The seller, acceptor or holder of a financial product must therefore be identified by Intersolve. In the case of business customers who sell or accept these products, owners, authorised representatives, representatives or beneficiaries must be identified.
This process of identification and verification is part of the KYC policy. KYC stands for Know Your Customer. At Intersolve, this process has been set up in accordance with the requirements of the legislation and regulations surrounding the Anti-Money Laundering and combatting Terrorist Financing Act (Wwft) and the Wft (Financial Supervision Act).
Intersolve Payments BV is a financial services provider licensed by De Nederlandsche Bank (DNB). This licence means that we are authorised to offer financial services and manage third-party funds. DNB supervises Intersolve and ensures that we are financially secure and comply with the conditions for good and competent management.
This licence means that Intersolve is subject to strict regulations such as the Financial Supervision Act (Wft) and the Anti-Money Laundering and combatting Terrorist Financing Act (Wwft). These two laws require Intersolve to conduct customer due diligence, also known as CDD (Customer Due Diligence) or KYC (Know Your Customer). Intersolve must ensure that it conducts its business with integrity, which is why we are required to know with whom we enter into a business relationship or for whom we carry out transactions.
When you submit your application, we will assign you a risk classification in accordance with the applicable laws and regulations. We use several categories for this purpose, the three most common classifications being low risk, normal risk, and high risk.
In the event of a higher risk, Intersolve will request additional information/documentation. For example, you or your organisation may be classified as high risk if there is a politically exposed person (PEP) involved or because the organisation is active in a high-risk sector. Intersolve are able to facilitate customers in an increased risk classification. In these cases, Intersolve will only request additional documents and will update the file more frequently. Most of the consequences of the risk classification are barely noticeable and, once accepted, will require minimal additional involvement from you.
In the case of financial transactions that fall under the Anti-Money Laundering and combatting Terrorist Financing Act, we are obliged to investigate the origin of the money used in those transactions.
Intersolve Payments BV is a Dutch financial institution specialising in providing services in the field of payment transactions and electronic money, defined as an electronic money institution. In order to be able to offer these financial services, Intersolve must comply with the applicable financial laws and regulations. It is therefore supervised by De Nederlandsche Bank (DNB) and the Autoriteit Financiële Markten (AFM) and holds a licence as an Electronic Money Institution (and therefore also a licence as a Payment Institution).
Financial institutions are obliged to implement a reliable 'Know Your Customer' policy. The aim of this process is to gain insight into the origin and location of money, in order to prevent the platform from unwittingly and unintentionally facilitating issues such as, money laundering, terrorist financing and (tax) fraud.
Proof of the origin of assets clarifies how you obtained your funds. The starting point is the information that you declare to us, which we must be able to investigate and verify. Therefore, the origin of the funds must also be substantiated and supported with independent information or documents. The documentation must cover at least the total amount of deposits (in the case of crowdfunding investments) and explain how and when these were obtained. The exact information required depends on issues such as the origin of the funds as well as:
- savings and/or investments (annual statement from the bank or investment institution or copy of the most recent income tax return and a copy of the bank statement showing the current balance and how it was accumulated)
- sale of real estate (a copy of the sales contract and a recent statement of the old mortgage - no older than 3 months or the notary's statement)
- inheritance (if the inheritance has been settled through a solicitor: copy of bank statement showing the inheritance has been credited or, if the inheritance has not been settled through a solicitor: copy of inheritance tax return/assessment)
- gift or donation (copy of bank statement showing the donation and proving that it is a gift/donation or a donation agreement signed by all parties)
- lottery or games of chance (copy of bank statement showing the amount won and the name of the paying agency)
- loan (signed copy of the loan agreement)
- virtual currency (copy of income tax return stating cryptocurrency)
The above list is not exhaustive. We may ask additional questions or request further documents based on the documents you have provided.
A Politically Exposed Person (PEP) is someone who holds a politically prominent position or has held a politically prominent position. Companies that fall under the Anti-Money Laundering and combatting Terrorist Financing Act (Wwft) are obliged to screen their business relationships to find out whether they are dealing with a PEP. Family members and close associates of PEPs also fall within the scope of this Act.
It is therefore important for us to know whether one or more of the following persons has held a political position in the past 12 months:
- the natural person is a PEP, a family member of a PEP or a close associate of a PEP.
- the UBO or pseudo-UBO is a PEP, a family member of a PEP or a close associate of a PEP.
- the director or authorised representative is a PEP, a family member of a PEP or a close associate of a PEP.
- the authorised representative is a PEP, a family member of a PEP or a close associate of a PEP.
- the supervisory board member is a PEP, a family member of a PEP or a close associate of a PEP.
Family members include:
a) the spouse or the person with whom the person concerned has entered into a registered partnership or similar arrangement.
b) the children and their spouses or persons with whom they have entered into a registered partnership or similar arrangement;
c) the parents;
Close associates include:
a) natural persons who are known to be joint ultimate beneficiaries of legal entities or legal arrangements with a politically exposed person, or who have other close business relationships with a politically exposed person;
b) natural persons who are the sole beneficial owners of a legal entity or legal arrangement known to have been set up for the benefit of a politically exposed person;
By knowing our customers and their activities, we can guarantee our integrity in providing support. In addition, this enables us to comply with the strict legislation and regulations surrounding the Anti-Money Laundering and combatting Terrorist Financing Act and the Wft (Financial Supervision Act).
To do this, we require certain identity and company details, which are requested from every new customer or for new transaction processing requests. We also regularly ask our loyal customers to update this information through periodic checks. As soon as we require details from you or your organisation, whether you are a new or existing customer, you will receive an request from us bye mail.
Intersolve accepts a copy of a passport or European identity card for the purpose of identifying a natural person. Other documents will not be accepted. Document acceptance conditions:
- The document must not have expired.
- A copy of the valid identity document must be clearly legible.
- Only the citizen service number (hereinafter: BSN) may be concealed/blurred.
- The document may not be registered as stolen or missing.
- No copies of copies.
In addition to submitting a copy of your identity document that you have made yourself, you can also use the "KopieID app" from the Dutch government to make a secure copy of your identity document. This allows you to redact information that is not necessary for Intersolve, such as your BSN.
Transactions processed via Intersolve can, in principle, only be paid out to an account number registered in the name of a company. The IBAN number entered as the account number for payments is automatically checked for this.
If the account number cannot be checked automatically, a copy of the bank statement will be requested. As the name of the business account and the account number (IBAN)are stated on this, we can carry out the name-number check.
Requirements for the copy of the bank statement:
- Name of the business account (registered name or trading name) clearly visible
- IBAN number/account number
- Bank logo
- Statement date
- Transaction amounts and details of transfers shown on the statement may be made illegible.
A PDF copy of the bank statement can easily be downloaded via the bank's direct website (not always via the app). Most banks allow you to save a PDF of the relevant organisation from the payment overview. If this is not possible, please contact your bank. You can then download the statement and send it to us including any other necessary documents.
Exception:
Payments to the account of a natural person can only be made if there is a legal formation without legal representation (sole proprietorship, natural person entity or a similar foreign legal form) or if there is an investor who is investing in a crowdfunding project from private assets.
In order to offer financial services, Intersolve Payments BV must comply with the applicable financial laws and regulations. Intersolve Payments must store an extract from the UBO register in the customer file for all companies subject to the UBO registration requirement. In some cases, the extract may not be accessible to Intersolve. In this case, Intersolve must request a certified extract from the UBO register from the client with whom a new business relationship is being entered into. The client can request this certified extract from the Chamber of Commerce (KvK) and then provide it to us. The UBO registration requirement applies to:
- unlisted private limited companies and public limited companies
- foundations
- associations (with full legal capacity/limited legal capacity but with a business)
- mutual insurance companies
- cooperatives
- Partnerships: general partnerships, limited partnerships, and limited liability partnerships. Silent partnerships that do not operate a business are excluded.
- shipping companies
- European public limited companies (SEs)
- European cooperative societies (SCEs)
- European Economic Interest Groupings (EEIGs)
- Religious communities: only if the organisation is required to be registered in the Commercial Register and there is no Dutch umbrella organisation above the organisation.
UBO registration is not required for:
- sole traders
- listed private limited companies and public limited companies
- 100% subsidiaries of listed companies
- owners' associations
- private limited companies (and other legal entities) in the process of being established
- associations with limited legal capacity that do not operate a business
- legal entities under public law
- other private legal entities (including historical legal entities such as almshouses, farmers' associations, foundations and guilds)
For more information, please visit the government website:https://www.rijksoverheid.nl/onderwerpen/financiele-sector/ubo-register
You will encounter these names during the registration process for your identity document. Signicat and Onfido are specialists in the secure processing of identification data. Intersolve uses their services, as do many other financial institutions in Europe.
Onfido
Onfido is a technology company that specialises in digital identity verification. The platform helps organisations verify the identity of customers, especially in sectors where KYC (Know Your Customer) and AML(Anti-Money Laundering) obligations apply. We use Onfido because it complies with privacy and regulations such as GDPR. Your copy of your identity document is shared with us via a secure connection for the purposes of mandatory identification and verification.
Signicat
Signicat is a European company that focuses on digital identity and authentication solutions. It helps organisations to securely identify customers, enable login and sign digital transactions, all in line with regulations such as eIDAS, AML/KYC and PSD2. In addition, Signicat ensures that you can identify yourself easily and securely through trusted channels.
If it is not possible to provide your proof of identity via Onfido and Signicat, we can offer you an alternative and secure solution via Tresorit.
Tresorit
Tresorit is a platform that provides an encrypted environment for sharing privacy-sensitive documents such as your identity document. This is performed using end-to-end encryption, and only the parties you authorise can open these documents. The platform is designed to comply with strict privacy and security standards, including GDPR and ISO 27001, and offers complete control over encryption keys.
No, Intersolve’s will continue to manage the data you have provided as part of the KYC procedure for the sole purpose of complying with the requirements of the Financial Supervision Act and Anti-Money Laundering and combatting Terrorist Financing Act.
No, there are no costs for you as the issuer or acceptor of the gift card.
Intersolve’s team is available to answer all your questions.
Questions regarding KYC:
For questions, please contact our colleagues in Customer Support and for specific cases our colleagues in the KYC department.
The Customer Support department is available for:
- questions about your Connect account
- assigning an email address for your accounts/companies
You can contact our Customer Support department via the Contact Support button in Connect. If you have problems logging in, please send an email to support@intersolve.com.
If your question concerns a change or new registration in the commercial register (change/new Chamber of Commerce number), please contact the Gift Card Holder. Your administrative details will then need to be changed first.
The KYC department is available for questions about the screening process which are in progress by Intersolve, such as:
- questions about the screening
- questions about submitting missing documentation/information for the screening
- questions about a non-functioning link for the identification/verification of the natural person.
The KYC department can be reached by email at KYC@intersolve.com.
Intersolve needs to be sure that every stakeholder actually belongs to the company. We ask for a valid ID, like a passport or European ID card, to be uploaded for every stakeholder and then check it.
We will send you reminders to ensure data is provided on time. However, if we do not receive complete data, we will ultimately be unable to continue providing our service.
A person can be designated as an ultimate beneficial owner (hereinafter: UBO) on the basis of several factors. These include items such as shared ownership, voting rights, economic interest, and/or actual control. In general, a UBO is a natural person who:
- Owns more than 25% of the organisation
- Has more than 25% voting rights in the organisation
- Has actual control over the organisation
Pseudo-UBO
if a UBO can not be determined on the basis of the above factors the law stipulates that institutions may designate senior management as a UBO. This fallback option, also known as the 'pseudo-UBO', can only be used if:
(a) all possible measures have been exhausted by the institution,
(b) there are no grounds for suspicion, and
(c) the investigation has not resulted in the identification of the actual UBO(s) or an institution has doubts as to whether the designated natural person is an actual UBO.
Senior management personnel who may be designated as pseudo-UBOs may include:
a. persons who determine the day-to-day policy of an institution (statutory directors/directors); or
b. persons working under the responsibility of an institution who hold a managerial position directly below the level of the day-to-day policy makers. and who are responsible for natural persons whose activities affect an institution's exposure to the risks of money laundering and terrorist financing.
To make the KYC process as simple as possible, we have linked our platform to the databases of the Chamber of Commerce and Graydon. We read the directors, owners, and stakeholders from these databases, so that you only need to check them for accuracy.
We estimate one to four weeks. Processing depends on the type of organisation and the complexity of the business structure. Much of the information is automated, but regulations require an Intersolve employee to ultimately confirm the registration manually. A sole proprietorship will be screened much faster than a complex organisation with multiple holding companies.
Who are the owners and other stakeholders of the company? What products or services are provided? What is the (expected) volume of gift cards/payment methods sold or accepted? Does the bank account actually belong to the company?
Legislation and regulations stipulate that a financial institution must implement its own KYC procedure, record customer information itself and check it itself. Unfortunately, this means that it is not possible to use the KYC procedure carried out by your bank, otherwise we would certainly have done so.
KYC consists of a set of procedures that financial institutions, including Intersolve, are required to implement in order to prevent abuse of the financial system.