Common use of Customer Due Diligence Clause in Contracts

Customer Due Diligence. In an effort to fight against Anti-money laundering (AML) and facilitate Combating the Financing of Terrorism (CFT), the Merchant agrees to provide accurate and complete information, documents and proofs (referred collectively as “Merchant KYC Data”) requested by BBMSL as part of the Know-your-customer (“KYC”) process at account opening upon the application of the Merchant. The Merchant warrants that all the data provided is correct and up-to-date and agrees to provide BBMSL written notice of any material changes within seven (7) days, including any change of its directors, shareholders and/or ultimate beneficial owners. The Merchant agrees that BBMSL may conduct further checks on the identity, credit status and background of the Merchant and its directors, shareholders and/or ultimate beneficial owners by contacting and consulting various registries, government authorities or other relevant sources. BBMSL may from time to time request the Merchant to provide additional financial and other information for identity check, regulatory compliance check and risk management purposes. BBMSL reserves the right to suspend the provision of Payment Services to the Merchant until such additional financial and/or other information is provided. The Merchant authorizes BBMSL to submit the Merchant KYC Data to relevant payment service providers and banking partners for account opening purpose and other ongoing KYC monitoring purposes. BBMSL is responsible to perform due diligence before accepting a merchant as its customer, and to assess the customer's risk level ("Due Diligence Obligations"). The Merchant must assist BBMSL in fulfilling its Due Diligence Obligations in order to successfully open an account with BBMSL and register as a registered merchant of BBMSL. After the registration, the Merchant must cooperate to provide the necessary information in accordance with the request of BBMSL, in particular when large or unusual transactions occur. If the Merchant fails to cooperate as required, it will be regarded as a material breach of the terms and conditions of this Agreement. The following Merchant KYC Data are the basic documents that BBMSL requires the Merchant to provide Due Diligence and account opening purposes: (i) copy of the Business Registration Certificate; (ii) copy of Certificate of Incorporation (for limited company); (iii) copy of Hong Kong Identity Card of the shareholders and ultimate beneficial owners; (iv) copy of Bank Statement/ Bank Book/ Card/ Cheque (within latest 3 months); (v) copy of Store Photos (storefront with signboard and shelf / store interior); (vi) copy of the Electronic Extract of Information (EI); (vii) copy of Annual Return (NAR1) / Incorporation Form (NNC1); Should BBMSL requires further information, the Merchant agrees to collaborate with BBMSL and provide the specific information and/or documents as requested by BBMSL.

Customer Due Diligence. In an effort to fight against Anti-money laundering (AML) and facilitate Combating the Financing of Terrorism (CFT), the Merchant agrees to provide accurate and complete information, documents and proofs (referred collectively as “Merchant KYC Data”) requested by BBMSL as part of the Know-your-customer (“KYC”) process at account opening upon the application of the Merchantduring merchant registration. The Merchant warrants that all the data provided is correct and up-to-date and agrees to provide BBMSL written notice of any material changes within seven (7) days, including any change of its directors, shareholders and/or ultimate beneficial owners. The Merchant agrees that BBMSL may conduct further checks on the Merchant’s identity, credit status and background of the Merchant and its directors, shareholders and/or ultimate beneficial owners by contacting and consulting various registries, government authorities or other relevant sources. BBMSL may from time to time request the Merchant to provide additional financial and other information for identity check, regulatory compliance check and risk management purposes. BBMSL reserves the right to suspend the provision of Payment Merchant Services to the Merchant until such additional financial and/or other information data is provided. The Merchant authorizes BBMSL to submit the Merchant KYC Data to relevant payment service providers and banking partners for merchant account opening registration purpose and other ongoing KYC monitoring purposes. BBMSL is responsible to perform due diligence before accepting a merchant as its customer, and customer to assess the customer's risk level ("Due Diligence Obligations"). The Merchant Xxxxxxxx must assist BBMSL in fulfilling its comply with Due Diligence Obligations of BBMSL in order to successfully open an account with BBMSL and register as a registered merchant of BBMSLmore effectively. After the a successful registration, if large or unusual transactions occur in future, the Merchant merchant must cooperate to provide the necessary transaction information in accordance with the request of BBMSL, in particular when large or unusual transactions occur. If the Merchant fails to cooperate as requiredneeded, it will be regarded as a material breach of the terms and conditions of this Agreement. The following Merchant KYC Data are the basic documents that BBMSL requires the Merchant to provide submit under Due Diligence and account opening purposesreview: (i) copy of the Business Registration CertificateCertificate (stamped); (ii) copy of Certificate of Incorporation (for limited company) (stamped); (iii) copy of Hong Kong Identity Card of the shareholders and ultimate beneficial ownersBusiness Owner(s); (iv) copy of Bank Statement/ Bank Book/ Card/ Cheque (within latest 3 months); (v) copy of Store Photos (storefront with signboard and shelf / store interior); (vi) copy of the Electronic Extract of Information (EI); (vii) copy of Annual Return (NAR1) / Incorporation Form (NNC1); Should ; (viii) Public Utility bills issued in the last three months or communications from government departments or agencies at Merchant’s discretion (as applicable). After initial due diligence, if BBMSL requires further information, the Merchant agrees Xxxxxxxx has to reasonably collaborate with BBMSL and provide the specific information and/or documents as requested by BBMSLdocuments.