Ensuring the security and integrity of financial operations is a top priority when managing payroll and company funds. Know Your Customer (KYC) verification is a mandatory industry practice designed to protect businesses and individuals against fraud, identity theft, and financial crimes.
This guide explains what KYC is, identifies who in your organization needs to complete it, and outlines the simple steps and documentation required to complete verification quickly and securely in Humi.
KYC, or "Know Your Customer," is a legal requirement in the financial industry. It ensures that banks and other regulated companies verify who their clients are, assess risks, and confirm they’re doing business with legitimate individuals.
Why Is KYC Verification Important?
KYC helps prevent identity theft, financial fraud, money laundering, and terrorist financing. It ensures the security and integrity of the financial system by verifying identities and protecting against illegal activities. To learn more about what KYC is and how Humi manages this process, click here.
In Humi, any user whose role permissions allow them to run payroll and initiate the digital movement of funds must be verified. This includes all users with the default Admin role, any individuals who hold 10% or more ownership of the business, and any other custom roles with Payroll access enabled.
To learn how to complete KYC, click here.
To ensure a secure experience, we use Persona to verify your identity. The requirements for this process depend on your location and the information available.
For Canadian residents, you will need your Social Insurance Number (SIN) for our system to verify against official record holders or credit reporting agencies for the purpose of identity verification. A record of this check will be visible only to you on your credit report and will not affect your credit rating or score. Your SIN is encrypted and used solely for identity verification matching.
If you reside outside of Canada or a match cannot be found using your SIN, please have the following ready:
- Government-Issued Photo ID: A valid, clear, and unexpired Driver's License, Provincial ID, Passport, or Permanent Resident Card.
- Proof of Address Document: A recent bank statement or standard utility bill (hydro, gas, water) issued with your full legal name and residential address within the last 2–3 months. We cannot accept phone or internet statements as proof of utility.
- Selfies: A few clear, well-lit photos taken via webcam or mobile device. The selfies are not required if the government-issued ID and proof of address document verification is successful.
That’s it! This process in Persona should take you about 5 minutes to complete. If completed successfully, your identity will be verified within 1–3 business days.
Keeping Your Account Details Accurate
To ensure your information remains up to date, we may periodically ask you to confirm your account details. You will be given 180 days to complete this verification. If any of your information has changed during this time, you will be required to complete our full Know Your Customer/Business (KYC/B) process.
Please note that verification is not a one-time event. Depending on your business risk rating, you may be required to re-verify your identity periodically to ensure ongoing compliance with Anti-Money Laundering (AML) guidelines.
Now that you know what KYC is and why it’s important for Humi Payroll, let’s get you started!
Follow this step-by-step guide to complete your KYC verification with Persona, our trusted partner for KYC.