Why do Contractors have to share a Bank Account Certificate during Onboarding?

When onboarding as a contractor, you are required to provide a Bank Account Ownership Certificate.

This document is essential for verifying that the bank account you plan to use for receiving payments is indeed registered in your name or your business's name. This step is a crucial part of our Know Your Customer (KYC) process, which helps ensure the security and legitimacy of financial transactions.


What Is a Bank Account Ownership Certificate?

A Bank Account Ownership Certificate is an official document issued by your bank that confirms ownership of the bank account. The certificate should include the following information:

  • Bank Name: The name of the bank where the account is held.
  • Account Number: The full account number, which will be used to process your payments.
  • SWIFT/BIC Code: A unique identifier for your bank, used in international transactions.
  • Account Holder’s Name: Your full name (or your business name) as registered with the bank.
  • Personal Details: Your address and any other identifying information associated with the account.


Why Is This Important?

  1. Verification of Ownership: To ensure that the payments are sent to the correct and intended recipient, it is important to verify that the account belongs to you or your business. This minimizes the risk of errors or fraud in the payment process.

  2. Compliance with Regulations: Financial institutions and companies must comply with regulatory requirements, including KYC processes. These regulations are designed to prevent money laundering, fraud, and other financial crimes. By providing this certificate, you help us comply with these important regulations.

  3. Security of Transactions: Confirming bank account ownership ensures that payments are secure and go directly to the rightful owner. This adds an extra layer of protection against unauthorized transactions.


How to Submit Your Bank Account Ownership Certificate

To complete the onboarding process, please upload a valid certificate of bank account ownership. You can upload the document through the onboarding portal under the designated section:


Sample Bank Account Ownership Certificate

For your convenience, we have provided a sample Bank Account Ownership Certificate attached to this article to help you understand what the document should look like.


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