Keep your business secure and compliant
At Weel, we prioritise the security and compliance of our customer business accounts, which is why we need to ensure your business information is always up-to-date and accurate.
Why do I need to verify my business information?
To help keep your account safe and secure, we’ll reach out from time to time to confirm your business details. Even if your details haven’t changed, it's important to confirm them by the time we ask you to, otherwise we may need to restrict access to your account until you do confirm them.Enhance security
Keeping your business information up-to-date helps protect your account from potential fraud and security threats.Ensure compliance
Regulatory standards require us to maintain accurate and current information for all our customers. This helps us ensure that our services are compliant with the latest laws and regulations.Improve service quality
With accurate business information, we can provide you with better, more tailored services that meet your needs.
Frequently asked questions
What is KYB?
KYB stands for Know Your Business. It is a periodic process where we ask you to update your business information to ensure our records are accurate, secure, and compliant with regulatory standards.
Why do I need to update my business information?
Updating your business information helps us maintain high security standards, comply with regulations, and provide you with the best possible service. It also helps protect your business from potential fraud and other security threats.
How do I start the business verification process?
If you hold the Owner role for the business account, you can start the business verification process by logging into your Weel account and proceeding to Settings > Business Information. At the bottom of the page, click the 'Verify your business information' button and follow the provided instructions. If you have any questions or need assistance, please contact our support team.
Who can I contact for help with the business verification process?
If you have any questions or need assistance, please contact our customer support team.
How often do I need to complete the business verification process?
We need you to update your business details with us whenever they change. We’ll also need to confirm your business information from time to time as part of our ongoing regulatory obligations to ensure your details are complete, current and accurate.
What information do I need to provide?
You will need to provide updated details about your business, such as contact information, ownership structure, and any relevant legal documents. Specific requirements will be outlined in the update process.
What happens if I don't complete the business verification process?
Failing to complete the business verification process within the specified timeframe may result in interruptions to your service and your account will be temporarily paused. It is important to update your information promptly to ensure continuous access to your account and services.
What does it mean when my account is paused?
If your account has been paused, we have restricted access until the required business verification is complete. This means that your business account can't be accessed by you or any other users on the account and making or receiving of payments from the account or associated cards won't be available until it is unpaused.
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