1. Account creation

What information do I need to provide to complete my company's onboarding application form?

To submit an application, the basic information a customer will need to provide, includes:

Company information:

• Company name and registration number
• Country of incorporation
• Date of incorporation
• Operating countries
• Registered address and principal place of business
• Business activities and sectors
• Website URL
• Tax ID for Company (applicable to EU)
• Tax ID for UBOs (applicable to EU)
• Names and details of company stakeholders.


What document types are accepted via API?

• PDF
• JPEG
• PNG
• JPG

File size limit: the total size of each upload, including all files and data, cannot exceed 10 MB.

Is it possible for a single company to have multiple accounts on Nium?

At this time, Nium does not allow multiple accounts.

2. Verifying company details and the nature of business

What is the difference between identifying and verifying stakeholders?

Identifying stakeholders involves gathering basic information about individuals, including their roles within the company and personal details, such as full name, date of birth, and residential address. The specific information required may vary depending on the onboarding jurisdiction.

Verifying stakeholders, on the other hand, involves confirming the accuracy and authenticity of this information. This is typically done through third-party database verification conducted by Nium. If the verification is unsuccessful, or not applicable, manual verification is performed using identity documents.

What details should be provided about the nature of the business?

As part of the onboarding process for business verification, the customer must:

• Select the category and subcategory that best describe the company’s products and services.
• Provide expected account activity by choosing options from drop-down menus, including:
  • Intended Use of Account
  • Annual Turnover
  • Total Number of Employees
  • Transaction and Operational Countries

Why is it necessary to provide a company website?

Providing a company website allows Nium to verify the company's online presence and credibility. It also helps us gain additional insight into the business's operations and services. The website should clearly describe the company’s services or products.

Are social media and e-commerce platforms accepted?

Yes, these are acceptable if your presence meets the following criteria:

• The presence is registered under the business name, not an individual’s profile.
• The presence clearly outline the company’s business activities.

What documents should be provided if a company does not have a functional or sufficient website?

If the company does not have a functional or sufficient website, please provide one of the following:

Evidence of business activities:

• Contracts
• Business agreements

Or, a combination of the following:

• Company profile, presentation, brochures, marketing material, or a detailed business plan
• Invoice (issued within the past year, clearly demonstrating business operations)

3. Verifying company ownership

Who is considered a director in a company, and how can they be identified?

A director is an individual appointed to oversee and manage the company’s affairs. Directors can be identified by:

• Reviewing the company’s registration documents.
• Checking official company records or local jurisdiction registers.

What is an Ultimate Beneficial Owner (UBO)?

A UBO (Ultimate Beneficial Owner) is an individual who directly or indirectly owns or controls more than 25% of a company.

What documents are required to verify company ownership?

Nium relies on reliable, independent sources, such as public registries, to gather ownership information and streamline the onboarding process. Customers are only required to submit documents if these sources do not provide sufficient information. This approach ensures efficiency while maintaining compliance with regulatory requirements. Verification requirements may vary by jurisdiction; refer to the specific jurisdiction's guidelines for more details.

Am I required to provide all the documents myself?

Nium primarily gathers documents from reliable independent sources, such as public registries, to simplify and streamline the onboarding process. You will only need to provide documents if these sources cannot supply the necessary information. This ensures efficiency while maintaining compliance with regulatory requirements.

4. Multi-layer ownership structure

Why is it necessary to provide documents for multiple layers of ownership?

Providing documents for multiple layers of ownership ensures transparency and helps verify the identities of all individuals who ultimately control the company. Nium may request documentation for all levels of corporate ownership. The required documents may vary by jurisdiction; for more details, refer to What documents should I provide for company ownership? (Singapore, Hong Kong, Australia, the United States, the United Kingdom, and the European Union)

What should I do if the Ultimate Beneficial Owner (UBO) cannot be identified?

• SG / HK / US / UK: Nium will request documents for the holding entities. If no individual holds 25% or more ownership, a UBO declaration will be required. For more details, refer to What is a UBO declaration and when do I need to submit it? 
• EU / AU: Nium will examine the entire corporate shareholding structure to identify an individual who holds 25% ownership or has the most controlling power.

What should I do if there is no UBO (no single natural person owning 25% or more)?

• SG / HK / UK / US: Nium will request a Controlling Person Declaration. For more information, refer to What is a Controlling Person Declaration and when do I need to submit it?
• AU: Nium will attempt to identify the UBO based on the entity type. If this is not feasible, an appropriate Request for Information (RFI) will be issued.
• EU: Requirements may vary depending on the complexity of the ownership structure. Nium will analyze the full structure and issue the necessary RFIs accordingly.

In all cases, regardless of ownership complexity, Nium aims to identify individuals holding 25% ownership (directly or indirectly). For all layers of ownership, incorporation and shareholding documents will be required. Refer to the document requirements for further details. See requirements for the documents (Singapore, Hong Kong, Australia, the United States, the United Kingdom, and the European Union).

What is a UBO declaration, and when is it required?

A UBO (Ultimate Beneficial Owner) declaration is a document that identifies the UBO of the company. It must be submitted during the onboarding process if, after reviewing company ownership documents, no individual owning 25% or more shares can be identified.

Key requirements for the UBO declaration:

• The document must be issued within 1 year, dated, and signed by a company Director or UBO.
• Nium provides a template for this document: Template for UBO Declaration.docx
• This requirement does not apply to customers in the EU and AU.

What is a Controlling Person declaration, and when is it required?

A Controlling Person declaration identifies individuals who exercise control over the company, even if they do not meet the UBO criteria. It is required when ownership documents do not identify any individual holding 25% or more of the shares. This often applies when:

• There is no natural person owning 25% or more shares.
• The company is publicly traded.

Key requirements for the Controlling Person declaration:

• The document must be issued within 1 year, dated, and signed by a company Director or UBO.
• Nium provides a template for this document: Template for Controlling Person Declaration.docx
• This requirement does not apply to customers in the EU and AU.

5. Ownership document requirements

Why is it necessary to apostille documents in Europe?

Apostilled documents are legally certified for international use, ensuring their authenticity and acceptance across various jurisdictions. In Europe, Nium is obligated to verify the documents provided by customers through independent sources, such as official registries or third-party vendors. If the required information cannot be obtained from these sources, Nium may request that ownership documents be apostilled to ensure they are internationally recognized and meet regulatory requirements.

6. Applicant / Authorized Signatory

Who is considered an applicant?

An applicant is the individual responsible for completing the Nium application process. They act as the representative of the customer, providing the required details and documentation for onboarding.

Authorized Signatories are additional stakeholders who are authorized to use the Nium account.

Is it necessary to verify the applicant or authorized signatory?

Yes, verification of the applicant and authorized signatories is mandatory in all jurisdictions. The verification process may vary depending on the jurisdiction. For more details, refer to the specific section on jurisdiction requirements.

7. Letter of Authorization

What is a Letter of Authorization, and when is it required?

A Letter of Authorization is a document that grants permission for individuals who are not Directors or UBOs to act on behalf of the company. The requirement for this document and its verification process may vary by jurisdiction. For further details, refer to the section on jurisdiction-specific requirements.

Why is an apostille required for a Letter of Authority or Power of Attorney in Europe?

When a customer is represented by another individual (either a natural person or legal representative), financial institutions or other obligated entities must require a Power of Attorney and verify its validity. This includes:

• Ensuring the issuer has the authority to grant such power.
• Verifying the document’s validity period.
• Confirming the specified actions comply with legal requirements (e.g., the Civil Code of the Republic of Lithuania).

If the Power of Attorney is issued abroad, it must be either legalized or certified with an apostille to ensure its authenticity and compliance with international legal standards. For further details, refer to the section on jurisdiction-specific requirements.

8. Verifying Identity and Address

What is POI, and what documents are acceptable for it?

POI (Proof of Identity) is used to verify an individual's identity. The following requirements apply to POI documents for each jurisdiction: For further details, refer to the section on jurisdiction-specific requirements.

• The document must have a valid expiry date.
• It should be a high-quality, colored copy with all four corners clearly visible.
• Copies of copies are not acceptable.

Why is a Driver's License not accepted as Proof of Identity in Europe?

Financial institutions in Europe must comply with Article 10(1) of the Republic of Lithuania Law on the Prevention of Money Laundering and Terrorist Financing (LPMLTF). This requires customers to provide identity documents that include data confirming their identity and citizenship. Since citizenship information is typically not displayed on a Driver's License, it cannot be accepted as valid Proof of Identity.

What is POA? What documents are applicable?

POA (Proof of Address) verifies an individual's residential address. Applicable documents include:

• Utility bill
• Bank statement
• Rental agreement
• Government issued letter
• Phone bill (landline only)

Note: documents should be issued in the last 90 days. For US customers - in the past 60 days.

What Proof of Address documents are not acceptable?

• Cropped documents
• Invoices
• Not dated
• PO BOX and CMRA addresses

Why is it necessary to submit identity documents for UBOs?

Submitting identity documents for Ultimate Beneficial Owners (UBOs) is essential to verify their identity and ensure compliance with regulatory requirements. The documents required may vary by jurisdiction and may include the following:

• Proof of Identity
• Proof of Address
• Tax ID (mandatory for UBOs in European onboardings)
• Biometric Verification (required for European customers)

Identity document details for European customers:

• Document type
• Personal identification number (if Lithuanian)
• Date of birth (if personal identification number is unavailable)
• Nationality (or the document's issuing country if the individual does not have a nationality)

What Proof of Identity documents are not acceptable?

To ensure the clear and smooth verification process, please note that the following documents are not acceptable:

• Black & white documents
• Copy of a copy
• Low quality pictures
• Documents where not all 4 corners are visible

What is biometric verification?

Biometric verification is any means by which a person can be uniquely identified by evaluating one or more distinguishing biological traits. Nium uses 3rd party services such as Onfido or Jumio to verify individuals by collecting their identity document and selfie.

Biometric verification is a mandatory requirement for European and United Kingdom customers to pass. Requirement is based on Republic of Lithuania Law on the Prevention of Money Laundering and Terrorist Financing, Articles 10 and 11.

How does biometric verification work?

Biometric verification involves a secure process using a unique URL issued for each individual. The verification must be completed within 24 hours in a single, uninterrupted session. Key steps include:

• Live Photo of ID:
  • Customers take a live photo of a government-issued ID (e.g., passport, national ID card) via the onboarding platform.
  • The ID must be clear, with both the front and back (if applicable) visible.
• Live Selfie:
  • Individuals take a real-time selfie using their device's camera.
  • The selfie is matched with the photo on the ID to confirm identity.
• Facial Recognition Check:
  • The system compares the selfie with the ID photo using facial recognition technology to ensure the individual presenting the ID is the same person.
• Liveness Detection:
  • The platform performs a liveness check to verify the individual is physically present, not using a photo or video.
• Lighting and Clarity:
  • Adequate lighting, no shadows, and an unobstructed face are critical.
  • The face and ID should be clearly visible, with no hats, glasses, or other obstructions.
• Privacy and Security:
  • Biometric data is encrypted and securely stored in compliance with data protection regulations.
• Camera Quality:
  • A mobile phone is recommended for capturing clear images due to its superior camera quality.

This process ensures a high level of accuracy and security in identity verification.

Why is Tax ID collected for UBOs?

Nium collects Tax IDs for UBOs to comply with regulatory requirements in jurisdictions where it is licensed. Providing a Tax ID is mandatory in regions such as Lithuania, the UK, and the US.

When is a Tax ID not required?

A Tax ID is not required if the customer cannot provide one for UBOs and the entity is classified as an Active Non-Financial Entity (Passive NFE). In such cases, an exception can be made, but the customer must sign an email template issued by Nium to confirm this classification.

Tax ID letter.pdf

What is a certified copy of a document and why I need it in Australia?

A 'certified copy' of an original document is a copy that has been verified as being a true copy of an original document such as a:

• birth certificate
• driver’s license
• passport
• Certification must be issued within 6 months

This is done by a person who is authorized to certify copies of original documents. More information can be found here.

9. Additional Requirements

Is it necessary to submit Source of Funds documentation if my company has a license?

Yes, in certain cases, compliance teams may request Source of Funds documentation to verify the legitimacy of the funds, even if the company holds a license. However, this requirement does not apply to all companies during onboarding and will only be requested if deemed necessary.

What is Source of Wealth?

Source of Wealth refers to the origin and means by which an entity or individual has accumulated their overall net worth, used to establish and operate a company. A written explanation, supported by relevant documentation, is required to confirm the legitimacy of the customer's wealth for conducting business.

This is not mandatory for all companies during onboarding and will only be requested if necessary.

What are the examples of supporting documentation for Source of Wealth?

• Personal or joint savings, collected in form of bank statements
• Employment income, including salaries, bonuses, and pension
• Loan agreements
• Contract agreements
• Sale of assets (real estate, shares)
• Inheritances, including family wealth transfer
• Compensation from legal settlements
• Profits from legitimate business activities or investments
• Ownership of businesses or investments, including returns
• Other documents, related to customer’s funds or wealth

10. Communication

What are the SLA for business onboarding?

The SLA for Business (SME) team picking up the case typically is 48 hours.

How long does it take to review the responded RFI?

Responded RFIs are typically reviewed within 48 hours.

What should I do if my account is delayed with the compliance team?

If your account is delayed with the compliance team, reach out to your account manager or directly contact the compliance team to request an update and provide any additional information they may require.

Please use the following email: smeoperations@Nium.com