Kudos Rewards+: Anti-Fraud Prepaid Card Banking Requirements

To combat a rise in global money laundering and terrorism financing, banks require every business owner creating a prepaid rewards program to verify their identity. This enhanced mandatory policy, backed by counter-terrorism financing laws in North America and Europe, requires Know Your Business (“KYB”) and Universal Beneficial Ownership (“UBO”) documentation to be completed by the prepaid reward program sponsor (you), before any bank will issue prepaid cards. In essence, this process verifies that as a prepaid reward program sponsor, you are a legal entity, permitted to issue prepaid rewards in the currencies selected for the membership group of your program.

Banks will not issue prepaid cards without KYB & UBO identity verification.

We have created simple step-by-step tools to help you through this process. Here’s the mandatory information you will need to supply:

• Your business information (name, address, contact information)
• Company Registration # or Tax ID (e.g. TIN, VAT, EIN)
• Stock Ticker (if your company is publicly traded)
• Names and titles of all business executives: All officers/Signers of Corporation, CEO, CFO, COO, VP, MD and/or equivalent.
• Company Ownership Details – name, address and birth date for any person or entity who owns 25% or more of a privately held company. This is required for all businesses listed as “Private”. If a company is publicly traded, a Controlling Officer may be designated for whom personal identifying details may be required to authenticate the request.
• Direct contact details for a Controlling Officer/Program Administrator/Project Stakeholder of the reward program operated by the company.
• Sales forecasts for the prepaid products being issued
• Program/recipient information (e.g. first order date, location of recipients, etc.)
• Program marketing information
• Anti-Fraud Prepaid Banking Requirements

Failure to supply this information will result in the financial institution rejecting your application to issue prepaid cards.