KYC for Wolt Merchants

Wolt License Services Oy (WLS) who will be providing Merchant Payouts for the Israeli merchants, is a payment institution under the supervision of the Finnish Financial Supervisory Authority (Finanssivalvonta). As a payment institution, it is required to follow Anti-Money Laundering regulation and needs the information from you in order to continue our business relationship with Wolt.

If you do not complete the KYC process during the onboarding the process, we will not be able to proceed with a partnership and cannot offer Wolt services to you as a Merchant. We really want to continue to partner with you, so please complete the process as soon as possible upon request. Wolt staff will reach out to you if we need more information, and please contact us at support@wolt.com

KYC stands for Know Your Customer. In practice, it’s a set of legal requirements meant to prevent financial crimes like money laundering and, in the process, protect the Merchant from the risk of fraud.

All regulated businesses have to meet certain KYC requirements.  Below are the general KYC requirements on a business-to-business level:

• Business verification: is the company a real business entity?

• Representative verification: is the company represented by the correct person?

• Customer due diligence: determining if there are any risk factors within the Business ownership (sanctions, etc.)

For regulated businesses, such as payment institutions KYC is mandatory. As Wolt is a licensed Payment Institution, we are required to follow KYC requirements in order to continue our partnership with you. 

As the KYC process is a requirement for us to maintain our partnership, we are not able to continue to process payouts to you if you fail to provide the information required by the timeline communicated to you.

The agreement we send to you will detail the documents we would like you to provide in order to verify your business information. These include:

• Trade Registry extract from local business register or similar (not older than 3 months)

You will be requested to verify your identity by using our electronic identification service with your identification credentials.

We need to ensure that the bank account information you provide in fact is the account of your business. You can verify this by providing us one of the following:

• A copy of your bank account statement

• A screenshot of your banking app/website (must be the whole document)

The information we need from you in regards to your bank account is:

• IBAN

• Venue name (name of restaurant/retailer)

• Bank name

A UBO is the “ultimate beneficial owner” and is a person (or persons) who ultimately owns or controls the company (ownership or controlling interest of 25% of the shares or voting rights in the company). Identifying the ultimate beneficial owner(s) in a company is a requirement based on European Anti-Money Laundering regulation (the AML Directive).

We follow data protection requirements to ensure compliant handling of your personal data. Access to all of the Wolt KYC files is restricted to relevant staff only, and retention period follows as stipulated in GDPR as well as in the AML regulation. For more information, see Wolt Privacy Statement at our websites.