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 services on the Wish platform and may not be able to make payments for products you have sold on the platform.
1. 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 handling all payments to EEA Merchants of Wish. CLBV 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.
2. 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 for criminal activity.
3. What are the KYC requirements?
To start the KYC process, EEA Merchants need to prove their identity by submitting a copy of your ID or the identity of their legal entity by submitting the Chamber of Commerce number and/or a UBO declaration.
4. 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', most likely the owner or shareholder of the company.
The two criteria that qualify an individual as a UBO are:
- having 25% or more ownership of the company; or
- having 25% or more control of the company, through the holding of shares, voting rights, ownership interest, or other means.
If the shareholder is a company, the UBO is the natural person owning or controlling the shareholder company for 25% or more. This means your company can have a maximum of 4 UBO’s.
5. If I refuse to provide requested documents for KYC what may be the result?
If you do not provide the required documents for KYC, you may not be able to receive payments for products you have sold on the platform.
6. 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, upon successful completion of the KYC process.
Declaring an incorrect country of domicile will result in the incorrect tax treatment of your sales and an incorrect payment process.
7. Who has access to my KYC information?