AML & KYC
Policy

MeridAx Ltd (“MeridAx”) is committed to the highest standards of Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance. This policy outlines our approach to preventing financial crime across all business relationships.

1. Our Commitment

MeridAx operates a robust AML and KYC programme consistent with the requirements of applicable legislation, including the UK Proceeds of Crime Act, the Money Laundering Regulations, FATF Recommendations, and the regulatory requirements of all jurisdictions in which we operate or facilitate services.

All clients — merchants and card issuers alike — undergo thorough due diligence before any services are provided. This is non-negotiable and applies regardless of business size, jurisdiction, or relationship.

2. Know Your Customer (KYC)

All new clients must provide the following documentation as part of our standard KYC process:

• Certificate of Incorporation or equivalent legal registration document
• Proof of registered business address (utility bill or bank statement, dated within 3 months)
• Full list of directors and Ultimate Beneficial Owners (UBOs) with 25% or greater ownership
• Government-issued photo identification for all directors and UBOs
• Proof of address for all directors and UBOs
• Most recent audited financial statements or bank statements (minimum 6 months)
• Description of business activities, products/services offered, and target markets

Higher-risk businesses, politically exposed persons (PEPs), or clients from higher-risk jurisdictions will be subject to Enhanced Due Diligence (EDD) requirements, which may include additional documentation, source of funds/wealth verification, and senior management approval.

3. Anti-Money Laundering (AML)

Our AML programme includes the following core components:

• Customer Risk Assessment: Each client is assigned a risk rating based on business type, jurisdiction, product, and other relevant factors
• Sanctions Screening: All clients and associated persons are screened against OFAC, EU, UN, and UK sanctions lists at onboarding and on an ongoing basis
• PEP Screening: All clients and associated persons are screened for Politically Exposed Person (PEP) status
• Adverse Media Screening: Ongoing monitoring for negative news and adverse media
• Transaction Monitoring: Ongoing monitoring of transaction patterns for unusual or suspicious activity
• Suspicious Activity Reporting: Where we identify suspicious activity, we comply fully with our legal obligations to file Suspicious Activity Reports (SARs) with the appropriate authorities

4. Ongoing Monitoring

KYC is not a one-time process. MeridAx conducts periodic reviews of all client relationships, with frequency determined by risk rating. Higher-risk clients are reviewed more frequently. Trigger-based reviews are conducted whenever significant changes occur in a client’s business, ownership, or regulatory status.

5. Prohibited Businesses and Jurisdictions

MeridAx does not onboard businesses operating in jurisdictions designated as high-risk by FATF, the EU, or applicable UK regulations. We also do not onboard businesses whose activities are prohibited by applicable law, card scheme rules, or our banking partners’ risk policies.

6. Staff Training

All MeridAx staff involved in client onboarding and relationship management receive regular training on AML and KYC obligations, typologies, and procedures. We maintain records of all training completed.

7. Record Keeping

MeridAx retains all KYC documentation and transaction records for a minimum of 5 years following the end of a client relationship, in compliance with applicable AML regulations.

8. Contact

For queries relating to our AML and KYC policy, or to report a compliance concern, please contact us at info@meridaxpay.com. MeridAx takes all compliance concerns seriously and will acknowledge receipt of any report within 2 business days.