One of the key consequences of European legislation for you as a client of Capital Circle is that a crowdfunding service provider is not permitted to offer payment services itself. To comply with this, Capital Circle has partnered with Online Payment Platform (OPP).
OPP holds the required PSD2 licence to provide payment services. Since June of this year, all iDEAL payments have already been processed via OPP. The next step is for monthly direct debits from entrepreneurs and payouts to investors to also be handled through OPP.
As a result, Capital Circle is legally required to identify and verify all its investors and entrepreneurs in accordance with the statutory guidelines under the Wwft (Prevention of Money Laundering and Financing of Terrorism Act) and the Sanctions Act (SW). We are happy to assist you by answering a number of frequently asked questions.
Why are all payments now processed via Online Payment Platform?
As of November, a European Crowdfunding Regulation is in place, aimed at offering better protection and information to investors in crowdfunding projects. This regulation is supervised by ESMA (the European Securities and Markets Authority) and the Dutch AFM (Authority for the Financial Markets).
One of the measures includes the separation of payment traffic from the crowdfunding platform, to be handled by a specialised payment institution. Capital Circle has therefore entered into a partnership with OPP to manage all payment transactions. OPP is licensed by De Nederlandsche Bank and is also under its supervision.
Why do I need to register again as an entrepreneur?
This is due to the stricter regulations aimed at better protecting crowdfunding investors. Capital Circle must determine who is being accepted as an entrepreneur and whether crowdfunding is a suitable option for them.
In addition, the payment institution must also approve you as a customer before any transactions can be processed. We’ve made the registration process for you as straightforward as possible.
Does OPP have access to my bank account?
No, OPP does not have access to your bank account.
What does OPP do with my data?
Online Payment Platform carries out tasks on behalf of Capital Circle in order to approve you as a customer. For this reason, certain data is shared with OPP, and you will also provide additional information yourself. OPP then checks and evaluates this data.
The information processed by OPP on behalf of Capital Circle is outlined in Capital Circle’s Privacy Statement. OPP is responsible for processing payment transactions, and the data they handle is described in their own Privacy Statement.
Why do I need to make a 1-cent payment from my business account via iDEAL?
This payment is used to confirm the bank account number of your organisation. All payments will be made to and from this account. The account must be registered in the name of your organisation. Payments from other accounts are not allowed.
What is iDIN?
iDIN is similar to iDEAL, but is used for personal identification. Through an iDIN transaction, OPP directly receives your verified name, address, date of birth, and IBAN. This ensures we’re making arrangements with the correct person. iDIN is free to use for individuals.
I only have a joint (either/or) account. Can I use that to confirm the agreement?
Yes, that’s possible. However, it’s important that the first-named account holder on the joint account can be identified. The second name may not always be visible, in which case additional information may be requested.
Why can’t I use a driving licence?
A driving licence does not contain all the necessary details required for full verification.
I have a foreign identity document. Can I use it to register?
Yes, almost all foreign identity documents can be used for identification with OPP. Make sure to provide a clear colour photo of the document.
I have two identity documents from different countries. Which should I use?
If one of your identity documents is Dutch, you should use the Dutch one.
My identity document has expired. Can I still register?
No, unfortunately not. To be accepted as a client by both Capital Circle and OPP, you must provide a valid identity document.
Can I use a copy of my passport created with the KopieID app?
Yes, as long as the information on the ID is clearly legible. We delete the ID document after processing.
How do I know who the UBO (Ultimate Beneficial Owner) of my organisation is?
The Ultimate Beneficial Owner is the natural person who ultimately owns or controls more than 25% of the organisation or has significant decision-making power within it. Almost all legal entities were required to register their UBOs with the Dutch Chamber of Commerce by 22 March 2022. You can find more information on UBOs via the Chamber of Commerce.