UK anti-money laundering (AML) rules require us to confirm who your business is, who owns and runs it, and what it does before you can send and receive money through your Carwow Wallet. Every business that opens a Wallet goes through the same checks – it doesn't mean anything is wrong.
What is AML?
Anti-money laundering (AML) is the set of UK laws that stop money from crime, fraud or terrorism being moved through the financial system. Under the Money Laundering Regulations 2017, regulated payment providers – like our FCA-regulated payment partner – must check every business customer before opening an account. These checks are often called KYC (Know Your Customer).
What we need to confirm
Your business is real and active: for example, your Companies House record, proof of your trading address and invoices showing what your business does.
Who owns and controls it: the directors and anyone who owns or controls 25% or more of the business (beneficial owners). Each of them needs to provide photo ID.
Where your money comes from: some businesses are asked for bank statements to show the source of the funds they'll add to the Wallet.
How you'll use the Wallet: the type and volume of vehicle purchases you expect to make.
Why you might be asked for more details
Some businesses are asked for extra documents. This is a standard part of the process and usually happens when:
your ownership structure is more complex, for example a group with several companies or owners
some details can't be confirmed from public records, such as Companies House
your business is new, a sole trader, or not VAT registered
Things to know
Checks don't stop after approval. We're required to keep your details up to date, so we may occasionally run a routine check or ask for new documents. See Why am I being asked for more documents after approval?
Your information is secure. Your documents are only used to verify your business and meet our legal obligations.
Ready to start? See How do I verify my business for Carwow Wallet? and What documents do I need to open a Carwow Wallet?
Need further assistance?
If you have questions or need help, the Carwow Wallet team is available via your preferred channel:
Webform: Submit a support request
Phone: 020 4586 4000 (Select Option 3)
Email: wallet@carwow.co.uk