What is Know Your Customer (KYC)?
Last updated July 15, 2026
Know Your Customer (KYC) is a mandatory safety check required by law — the Money Laundering and Terrorist Financing Prevention Act. All financial institutions, including our partner Mynt, must verify who their customers are and understand the nature of their business.
Who completes the KYC?
A legal representative is someone with signing rights for the company.
- You have signing rights: proceed with the application.
- You don't: ask your company's legal representative to activate CostPocket Company Cards and complete the KYC.
What information is asked?
- Card volume — roughly how many cards your business needs
- Estimated spend — total monthly spending across all cards
- Purpose — the primary use (travel, office supplies, online software, etc.)
- Beneficial owners — Mynt pre-fills this from the state register where possible; you may need to provide personal identification numbers
- Safety checks — whether any owners are Politically Exposed Persons (PEP) or the company does business in high-risk countries
- Terms — accepting Mynt's Terms of Use and Privacy Policy
What happens after submitting?
- Notification — you receive an email once your information has been processed.
- Next steps — after approval, you can add money or apply for credit (Finland only).
- Follow-up — if more details are needed or the application is rejected, Mynt's customer service contacts you directly by email.
Frequently asked questions
Why do I have to answer these questions at all? It's a legal anti-money-laundering requirement for every financial institution — not a CostPocket-specific policy.
How long does the review take? Typically a few hours, up to 2 business days.