Help Centre

Is my money safe?

Relevant funds must be safeguarded. These are sums received in exchange for electronic money that has been issued by our regulated entity. Electronic money issued by PayrNet is credited to a ledger account on the Railsr platform. A positive ledger account balance is...

Who is a PEP?

PEP stands for Politically Exposed Person. A PEP is an individual who holds a prominent public position or has held such a position in the recent past. These positions can include high-ranking government officials, politicians, senior executives in government-owned...

What is Counter Terrorism (CTF) Financing?

Counter Terrorism Financing (CTF) refers to the efforts and measures taken to prevent terrorist organizations and individuals from raising, moving, or using funds to support their activities. CTF aims to disrupt the financial networks that sustain terrorist...

What is Money Laundering?

Money laundering is the process of making illegally obtained or "dirty" money appear legitimate or "clean." It involves a series of complex transactions that obscure the origin and ownership of the funds, making it difficult for authorities to trace the illicit...

How do I protect myself from fraud?

Protecting yourself from fraud is essential in today’s digital world. Here are some important steps you can take to safeguard yourself: -          Be cautious with personal information: Avoid sharing sensitive information...

Why is my KYB being requested again?

To comply with regulations, we may ask for your business details again to make sure if there are any updates with regards to your business activity. We do use public sources for this information; however, we cannot solely rely on this source for some of our required...

What is acceptable identification and address verification for Pay iO?

Identification and verification of documents are important for Pay iO for the following reasons:

  • Client Onboarding: When a client opens a new account with Pay iO, identification and verification documents are required to establish the Client’s identity. This process helps ensure that the Client is legitimate and can be trusted to engage in financial transactions. By verifying the Client’s identity, Pay iO can mitigate the risk of fraudulent account openings and protect against money laundering or other illegal activities.
  • Fraud Prevention and Risk Management: Pay iO are often targeted by fraudsters who attempt to use false identities or stolen personal information to gain access to financial services or commit fraudulent activities. By thoroughly verifying Clients’ identification documents, Pay iO can reduce the risk of such fraudulent activities. Identification documents serve as a means to authenticate Clients and validate their identity, providing an additional layer of security against identity theft and fraud.
  • Account Security and Client Protection: Verification documents help Pay iO to ensure the security of their client’s accounts. By confirming the identity of the account holder through proper identification, Pay iO can protect against unauthorized access and account takeover. This helps safeguard Client funds, personal information, and financial assets, enhancing overall Client protection.
  • Due Diligence and Risk Assessment: Identification and verification documents enable Pay iO to conduct due diligence and risk assessments on their clients. By verifying Client identities, pay iO can evaluate the potential risks associated with the Client’s financial activities. This includes assessing the Client’s creditworthiness, identifying any suspicious or high-risk transactions, and determining the appropriate level of service or access to financial products.

Overall, identification and verification documents are vital within Pay iO to ensure regulatory compliance, prevent fraud, protect Client accounts, and manage risks associated with financial transactions. By implementing robust identification and verification processes, Pay iO can enhance security, maintain trust, and uphold the integrity of financial services.

Acceptable Forms of Identification and Address Verification for Individual Profiles
Identification Verification DocumentsAddress Verification Documents
PassportBank Statement
UK Driving LicenseUtility Bills (Gas, Water and Electricity Bills)
National Identification CardGovernment-issued tax document
HM Revenue & Customs tax notification (Dated within the last 3 months)Official letter from a verifiable Accountant / Solicitor
Disabled Parking Document (Must include a photo, date of birth and signature)Rental / Lease Agreement (Dated within the last 12 months)
Letter from the Foreign and Commonwealth Office (Dated within the last 3 months)Telephone Bills (Mobile phone bills are not acceptable)
Acceptable Forms of Identification and Trading / Operating Address Verification for Business Profiles
Address Verification Documents
Bank Statement
Utility Bills (Gas, Water and Electricity Bills)
Government-issued tax document
Official letter from a verifiable Accountant / Solicitor
Rental / Lease Agreement (Dated within the last 12 months)