Know Your Customer (or KYC) is the process of identifying and verifying individual customers. Identification means gathering a customer’s personal data (such as names, addresses, passports or ID cards, and more); verification means checking that this data is accurate.

Know Your Business (or KYB) is a due diligence procedure aimed at establishing the structure, ownership (including the Ultimate Beneficial Owner or UBO), purpose, and activities of a given company.

Anti-Money Laundering (or AML) is a series of measures and procedures carried out by financial institutions and other regulated entities to prevent and report on financial crimes, such as money laundering and terrorist financing. KYC and KYB are key components of Anti-Money Laundering (AML) measures. ​​

Table of Contents:

Which contact will be used for KYC/KYB verification?

It is important to note that KYC/KYB verification is performed on the account level. Each contact can have multiple investing accounts. Make sure that the primary contact information is correct and linked to the correct investing account. Each time a new investing account is used, the investor will be required to go through the KYC/KYB verification for it.

During the KYC/KYB verification process, which is more efficient to use (desktop or mobile)?

You can use either a desktop or mobile device! When it comes to ease of use, using the mobile device option can be more efficient since it allows you to quickly scan and upload a photo of the required documents for verification and utilize a camera for the Selfie portion.

Tips/Best Practices for Sponsors:

We recommend Sponsors complete the KYC/AML process themselves first, as a test. You can test it to ensure you have full visibility and understanding of the investor experience.

Which documents are required for KYC verification?

The accepted documents include a government-issued ID card, passport, residence permit, or driver’s license. Ensure that uploaded documents are not edited and do not use screenshots. Only upload photo IDs that are in color, authentic, and current photographs.

In addition, document requirements vary by country. We currently accept applications from 220+ countries and territories around the globe. To name just a few:

To view a full list of verifiable documents by country, you can click the link here: sumsub.com/supported-documents/

Selfie Verification Tips:

To reduce False Positives for KYC/AML verification:

For Documents/Photo IDs: Ensure that uploaded documents are not edited and do not use screenshots. Only upload photo IDs that are in color, authentic, and current photographs. All the documents in the applicant profile must belong to the same person. The applicant's full name, date of birth, MRZ (Machine Readable Zone), and other important information must be present and readable.

For the Workflow: Double-check that you’ve selected the correct Country of Residence and Document Type from the menu. If the document has data on the front and back sides, ensure you’ve correctly uploaded each side to its corresponding field on the screen. You can choose to continue on a mobile or desktop device during the first step of KYC/AML verification. It is typically recommended to complete KYC/AML verification on a mobile device due to the ease of use when uploading documents and performing the live selfie verification.

Which documents and details are needed for KYB verification?

You’ll need to provide your Business Details (Name, State, and Country) and Beneficial Owners (natural persons/individuals). The accepted documents include an EIN Letter, Articles of Incorporation, DBA Documents, and any other applicable documents. The provided documents must, in any event, contain the company name, registration number, legal form (type), address, and the date of incorporation.

In addition, document requirements vary by country. We currently accept applications from 220+ countries and territories around the globe. To name just a few:

To view a full list of verifiable documents by country, you can click the link here: sumsub.com/supported-documents/

To reduce False Positives for KYB/AML verification:

For Business Details: If your company can’t be located after providing your Business Details (Name, State, and Country), double-check that you are entering your Business Name exactly as it's registered and that you haven’t accidentally selected the incorrect State or Country in the drop-down menus. You can also choose to manually enter this data by providing your Company Name, Country, Registration Number, and Legal Address.

For Beneficial Owners: Ensure that you are entering the individual(s) information correctly. A typical issue could be entering the Date of Birth incorrectly.

By following these best practices, you can establish an efficient, compliant, and user-friendly KYC and KYB verification process that helps protect your business and creates a seamless experience for investors.

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