Compliance Requirements for Business Owners’ Onboarding

Moniepoint Newsletters - November 9, 2022

To onboard your Business Owners, you need to satisfy a few requirements. Learn the processes, documents, and assessments essential for registering your Business Owners onto the Moniepoint Network seamlessly. The compliance requirement for business owner’s onboarding:

  1. Establish a well-documented commercial activity which had been in operation for at least 12 months when you visit the business’s location.
  1. Essential documents you need to acquire to satisfy due diligence include; 
  • credit reports 
  • business registration documents
  • evidence of the availability of funds
  • a description of commercial activity the individual/entity has carried out for the last 12 months.
  1. Finally, you should carry out a complete assessment of the prospective business owner’s moral and professional suitability. This will include obtaining references from two people of good standing living in the same locality and must have known them for a minimum of three years. Be sure to take note of their business or work experience, source of funds, presence of a criminal record, etc.

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