KYC / KYB Policy

1.Why we check

To keep the marketplace safe and meet the law, we and our payment provider verify who people are. "KYC" means checking an individual's identity; "KYB" means checking a business.

2.Who runs the checks

Our regulated payment provider carries the legal anti-money-laundering duty and runs the formal checks. We run platform-level checks and pass the necessary information to them. Some checks (like verifying a photo of your ID) are done by the provider directly.

3.What we check

Depending on whether you're an individual, a sole trader, or a company, this can include your identity, your business details, and your bank account. You'll be asked for accurate information and, sometimes, documents.

4.When checks happen

Companies are checked when they start. Individuals and sole traders selling are checked once their total sales pass a set threshold before they can draw money down. Buyers may be checked when a refund is due. These thresholds are set by our payment provider and can change.

5.While a check is outstanding

If a check isn't finished, money stays held securely by the payment provider — it isn't lost, it's just held until you complete the check. Drawing down or a refund waits until you've verified.

6.If a check fails

If you can't or won't complete verification, we may not be able to release funds, and we may restrict or suspend the account. This is to protect everyone on the platform.

7.Your data

We handle your information in line with our Privacy Policy. Identity data is used for verification and fraud prevention, and shared with the payment provider for that purpose.

1.Purpose and Scope

This policy explains how Trader.co.uk verifies the identity of the users of its Platform (the "Platform"), why we do it, and when verification is required. It applies to all users — private sellers, trade sellers (sole traders and limited companies), and trade buyers.

Verification protects users and the integrity of the Platform, helps prevent fraud and financial crime, and supports the regulated anti-money-laundering checks carried out by our payment service provider.

2.Who Carries the Regulated Obligation

The PSP is the regulated entity. Payments on the Platform are processed by a regulated payment service provider (the "PSP"), which is authorised and supervised for anti-money-laundering (AML) and counter-terrorist-financing (CTF) purposes. The PSP carries the regulated AML/CTF obligations in respect of the payments it processes, including any customer due diligence required by law.

Trader.co.uk's role. Trader.co.uk runs its own risk-based, platform-level verification for trust, safety, and fraud-prevention purposes, and collects and passes the information the PSP needs to perform its regulated checks. Trader.co.uk does not hold client money and does not act as the regulated payment institution. Where this policy refers to a verification requirement or threshold, it reflects the PSP's current requirements unless stated otherwise.

3.The Checks We Carry Out

Using third-party verification providers, we operate a risk-based programme that may include:

• Identity verification — confirming the identity of individuals and sole traders (name, date of birth, address, and identity document).
• Business verification (KYB) — confirming the existence and details of a limited company, and its directors and beneficial owners.
• Sanctions and PEP screening — screening against sanctions lists and for politically exposed persons.
• Bank account verification — confirming a payout bank account is held in the user's (or business's) name.
• Ongoing monitoring — re-checking where risk indicators arise, information changes, or activity is unusual.

4.When Verification Is Required

The point at which verification is required depends on the user type and the value of activity. The current triggers (set by the PSP and subject to change) are:

5.Funds, Holds and Non-Completion

No draw-down or refund until verified. Where verification is required, the relevant funds remain held securely by the PSP in a safeguarded account until verification is completed. Sellers cannot draw down, and buyer refunds are not released, until any required verification is complete. Funds are not forfeited; they remain safeguarded.

Do not delay handover. A seller must not delay a handover because they have not completed verification; verification affects draw-down, not the completion of the sale. Sellers are encouraged to complete verification (and bank-account verification) early to avoid any delay to payout.

6.If Verification Fails or Is Not Completed

Where a user fails verification, provides false information, or does not complete verification when required, we may (in addition to any action the PSP takes): withhold draw-down or refund release pending resolution; suspend or restrict the account; decline or remove listings or bids; and, where appropriate, decline to continue the business relationship. Where the law requires, the PSP may be obliged to make a report to the relevant authority, and neither the PSP nor Trader.co.uk may be permitted to tell the user that a report has been made.

7.Data Protection

Verification involves processing personal data. We process this data in accordance with our Privacy Policy and applicable data protection law. Verification data is retained for the period required by law (AML records are generally retained for five years after the end of the business relationship or transaction). Identity and biometric checks carried out for payment purposes are performed by the PSP under its own controllership.

8.Relationship with Other Documents and Review

This policy supports the verification requirements referred to in the Platform Terms, Seller Terms, Buyer Terms, Collection & Handover Terms, and Fees & Payments Schedule. We keep this policy under review and may update it, including to reflect changes in the PSP's requirements or the law.