Know Your Business checks are a regulatory requirement performed as part due diligence that is carried out on any corporate undergoing onboarding in order to utilise the services offered by our payments partner, Weavr.
There are six stages where data is gathered to understand the structure and ownership of an individual corporate:
Director / Legal Representative KYC
Director AML Checks
Ultimate Beneficial Owners (UBO) KYC
These stages must each be completed in order to pass the verification process.
Please see the attached document at the bottom of this article, which details the process and what will be required at each stage.
If you have any questions on this, please reach out to your onboarding manager who will be happy to clarify any queries you may have!
Please Note: All customers will be subject to a KYB refresh on an annual basis. This will include updating any new KYC and UBO documentation for individuals they have not already completed.