KYC and Seller Verification Policy
This KYC and Seller Verification Policy (the “Policy”) outlines how mag.online (“Platform”) verifies the identity of users and sellers to comply with anti‑money‑laundering (AML) and know‑your‑customer (KYC) regulations and the requirements of our payment providers. The Platform is operated by Online Payment Solutions OÜ (registration number 17449916), a private limited company registered in Estonia, with registered address at Harju maakond, Tallinn, Kesklinna linnaosa, Vesivärava tn 50‑201, 10152, Estonia (“we”, “us”, “our”).
1. Why KYC is required
1.1. Financial regulators and our payment providers (such as Stripe, PayPal, Adyen, Checkout.com and Mollie) require us to perform KYC and AML checks on sellers and, in some cases, buyers. These checks help prevent fraud, money laundering and other illegal activities and ensure that funds flow only to legitimate recipients.
2. Information we collect
2.1. For individual sellers, we may require:
(a) Full legal name; (b) Date of birth and country of residence; (c) Government‑issued identification (such as a passport or national identity card); (d) Proof of address (utility bill, bank statement or similar); (e) Tax identification number where required.
2.2. For business sellers, we may require:
(a) Legal entity name and registration number; (b) Country of incorporation and registered address; (c) Articles of association or certificate of incorporation; (d) Identity documents for directors, shareholders and ultimate beneficial owners; (e) Bank account details (account holder name, IBAN, SWIFT/BIC); (f) Any additional documents required by our payment providers or regulators.
2.3. For buyers, we typically collect only the data necessary to process payments, but we may request additional information if required by law or payment providers.
3. Verification process
3.1. We use trusted third‑party identity verification services and our payment providers to perform KYC checks. You authorise us to share the information you provide with these third parties solely for verification purposes.
3.2. We may request additional documentation or information at any time to verify your identity or the source of funds. You must provide accurate and complete information. Failure to supply requested documentation may result in delays, suspension of payouts or closure of your account.
3.3. Our payment providers may also require you to create or link a payment account (for example, a Stripe Connect or PayPal account) and complete their own KYC procedures. You must comply with all requests from the payment provider.
4. Data handling and privacy
4.1. We handle all personal data in accordance with our Privacy Policy and applicable data protection laws. We retain KYC information for as long as required by law and our payment providers, typically at least five (5) years.
4.2. We use your KYC information only for identity verification, risk management, AML compliance and sharing with payment providers. We do not sell your personal data.
5. Periodic reviews and updates
5.1. We may periodically review your information and request updates to ensure that it remains accurate. Sellers are required to inform us promptly of any changes to their legal entity details, ownership structure or contact information.
6. Consequences of non‑compliance
6.1. If you fail to provide the required information or we cannot verify your identity or business, we may refuse to onboard you as a seller, suspend payouts, freeze funds or close your account.
6.2. We reserve the right to report suspicious activities to relevant authorities.
7. Changes to this policy
7.1. We may update this Policy from time to time. We will notify you by updating the “Effective from” date or by posting a notice on the Platform.
Last updated: 6 March 2026