As a regulated financial company, ContextLogic BV, a subsidiary of ContextLogic Inc. (dba Wish) must perform Know Your Customer (KYC) on its European Economic Area (EEA) Merchants. The need to know who our Merchants are is related to the need to control the risks involved in providing services to you, including: money laundering, terrorism financing, fraud, bribery, corruption, tax evasion, and reputational risks. This process also helps to ensure that the Wish platform is not misused.
Therefore, ContextLogic BV must have a reasonable belief and be confident that it has established and documented the true identity of its EEA Merchants. For existing and new merchants, the KYC must be completed before remitting any payments to EEA Merchants. EEA Merchants will soon receive an invitation via email to participate in our KYC process. We kindly ask merchants to provide us with the requested information as soon as possible. If you do not provide the required documents for KYC, we may not be able to provide with services on the Wish platform and may not be able to make payments for products you have sold on the platform.
- Why is ContextLogic BV contacting you?
ContextLogic BV (CLBV) is a subsidiary of ContextLogic Inc. dba Wish. CLBV is a payments service provider regulated by the Dutch Central Bank (DNB) and is obliged to prevent merchant accounts from being used for financial crimes. That is why we need to verify the identity of our European Economic Area (EEA) Merchants before making any payments to them.
- What is KYC? Why is it required?
KYC means “Know Your Customer.” KYC means taking steps to identify our customers and checking that they are who they say they are. It is the process by which payment service providers such as CLBV obtain information about the identity of its EEA Merchants. This process also helps to ensure that the Wish platform is not misused.
- What are the KYC requirements?
To start the KYC process, EEA Merchants need to prove the identity of their legal entity by submitting the Chamber of Commerce number. During the process, CLBV may contact you by email for additional information such as a copy of your ID and/or a UBO declaration.
- What is a UBO?
During the KYC process, you may be asked to submit information regarding your UBO. A UBO is an 'ultimate beneficial owner' or beneficial owner. CLBV is obliged to determine the identity of your UBO. The two criteria that are important to qualify a person as a UBO are the holding of the ultimate ownership or having the ultimate control, through the holding of shares, voting rights, ownership interest, or other means.
- Is CLBV required to categorize its EEA Merchants based on risk assessment?
Yes, PSPs such as CLBV are required to classify merchants into low, medium, and high risk categories and conduct transaction monitoring based on that risk assessment.
- Does ContextLogic inform EEA Merchants about this risk categorization?
- If I refuse to provide requested documents for KYC during onboarding what may be the result?
If you do not provide the required documents for KYC, we may not be able to provide you with services on the Wish platform and may not be able to make payments for products you have sold on the platform.
- Will the KYC have any impact on my Wish store?
No, there will not be any impact to your Wish store, the Wish services will remain the same. You will, however, receive an appendix to the Merchant Terms of Service that allows for CLBV to provide payment services to you.
- Who has access to my KYC information?