What is HyperWallet ID verification?
Identity verification is a legal requirement, also known as “Know Your Customer” (KYC), which allows HyperWallet to know that they're sending the money to the right person, and helps ensure compliance with AML (Anti-Money Laundering) and CTF (Counter Terrorist Financing) regulations.
All businesses with homes listed on Plum Guide must complete ID verification to receive payouts, as well as individual hosts who have reached a total payouts of 2,500€.
What should I expect when starting the verification process?
ID verification is an online application powered HyperWallet
The process is different if you're an individual or a business. Note that for businesses, the business contact must be first verified as an individual.
The verification can take up to 3 working days to be processed
You will provide HyperWallet with a series of documents to prove your identity. (The documents to provide differ wether you are set up as an individual host, or as a business).
You will only have to do this once.
Individual host:
What you will need to verify your identity
You will need to provide:
A proof of ID such as:
Government / National ID
Passport
Driver’s License
A proof address with one of the following documents:
Utility bill (e.g., gas, electric, water, cable, phone)
Financial statement
National ID
Government issued documents (e.g., tax bills, balancing statements)
Documents requirements:
Both front and back of the document must be submitted, except for passports.
Name on the document must be an exact match with the name of the payee.
Documents must be dated and valid (expired documents are not permitted).
All four corners must be clearly visible.
Documents must be in colour.
Document must be readable and of good quality.
Size: min 400KB – max 4MB
Format: .pdf, .jpg or .png
Proof of address requirements:
Name on the document must be an exact match with the name of the payee.
Address on the document must be an exact match with the address of the payee.
Document must be dated and should not be more than 90 days old.
Document must be readable and of good quality.
Size: min 30KB – max 4MB
Format: .pdf, .jpg or .png
Important:
If your documents don’t meet these requirements, the verification won’t be successful.
Business:
What you will need to verify your identity
As a business, you will need to provide:
Business contact
Business contact must be verified as an individual (see above Individual hosts: What you will need to verify your identity) – Note: the business contact will not be required to provide a proof of address.
Director information
Minimum of one and maximum of five directors must be provided.
Director(s) must be listed on company directory (the business contact may be listed as a director).
Letter of authorisation
The letter is required to be signed by an authorised legal representative of the business e.g. managing director, if the business contact is not listed as a director of the business.
The business' articles of incorporation
Beneficial ownership information (a beneficial owner is a person with shares or interests greater or equal to 25%)
Minimum of one and maximum of four beneficial owner(s) must be provided
If there are no beneficial owners with 25% or more shares or interests, the business contact must be listed as a beneficial owner.
Beneficial owners are verified as an individual, (see above Verify your identity as an individual for requirements) – Note: Beneficial owners will not be required to provide a proof of address.
The business contact and directors may be listed as beneficial owners.
Documents requirements:
Both front and back of the document must be submitted, except for passports.
Name on the document must be an exact match with the name of the payee.
Documents must be dated and valid (expired documents are not permitted).
All four corners must be clearly visible.
Documents must be in colour.
Document must be readable and of good quality.
Size: min 400KB – max 4MB
Format: .pdf, .jpg or .png
Important:
If your documents don’t meet these requirements, the verification won’t be successful.
Failed verification
What happens now?
There is a chance you could fail the verification process if the information you provide isn’t clear enough - a blurry photo ID for example. If this happens, you will just need to upload the required information again and restart the process.