KYC / KYB FAQs

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.

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, UBOs 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 verify your identity and complete the process, you’ll need the following:

1. Government-issued photo ID (passport, driver's license, or provincial identity card)
2. Be prepared to take a few selfies (webcam or mobile device)

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. Learn more.

Click here to review our step-by-step guide to walk you through the KYC process.  

KYB stands for "Know Your Business." This process is similar to KYC (Know Your Customer), but focuses on verifying the legitimacy and integrity of businesses rather than individuals. KYB procedures are increasingly important in the financial and corporate sectors to prevent business-related fraud, money laundering, and other illicit activities. The process is especially critical when establishing B2B (business-to-business) relationships and transactions.

Here are the key components of KYB:

1. Business Verification: This involves confirming the business exists and is legally registered. Verification can include checking the company’s registration details, such as its legal name, registration number, and registered address through governmental databases or third-party sources.
2. Understanding Business Structure: KYB processes often involve understanding the company's ownership structure, identifying significant shareholders, and determining the ultimate beneficial owners (UBOs). This is crucial to prevent money laundering activities conducted through complex corporate structures.
3. Assessing Business Reputation: KYB might also involve assessing the reputation of the business; which can include analysis of media coverage, legal disputes, and financial health. This helps in understanding any potential risks associated with doing business with them.
4. Compliance Checks: KYB includes ensuring that the business complies with local and international regulations, including anti-money laundering (AML) laws and sanctions lists. This could involve checks against blacklists and politically exposed persons (PEPs).

If your company has Humi’s Payroll module enabled, then you are required to complete the KYB process from your account through Persona. Any user with the default Admin role can complete this process, but it recommended that the Signing Officer do so.

To learn how to complete KYB, click here.

To verify your business, you will need:

1. Business Information
   • Legal business name
   • Business tax identification number
   • Year of incorporation
   • Business address
   • Entity structure (Sole proprietorship, Corporation, Partnership, Co-operative)
2. Associated people:
    
   • Directors (if corporation)
     You'll need to provide their name, occupation, country of residence, and address.

   • Signing Officers and UBOs
     There are individuals authorized to bind the company through their signature legally. You'll need to provide their name, job title, email address, and percentage ownership.
      

     What's an Ultimate Beneficial Owner (UBO)?

     UBOs are individuals who hold 10% or more ownership of your business. 
     
     Each UBO must be linked to the business and complete identity verification with a photo ID and selfies. If they're also a Humi administrator, they only need to do KYC once.
     Accepted IDs for UBOs:
     Driver’s License
     Passport
     National ID

3. Pay verification documents: 
   
   You’ll need to provide one of the following documents which includes the company name, a bank institution, an account, and a branch/transit number.
   • A void cheque
   • A bank verification letter, etc.
   • A direct deposit form from your bank
4. Place and History of Business Documents:
   
   You’ll need to provide a utility bill showing your business's legal name and address exactly as they appear in Humi.
   If there’s a suite number, ensure it’s included and matches the bill before completing KYB.
5. Payor Relationship Documents: This document should detail the UBO as the signing officer or director of the company.
   
   You’ll need to provide one of the following:
   • Articles of incorporation
   • Business registration
   • Bank verification letter confirming signing authority
      

Click here to review our step-by-step guide to walk you through the KYB process.  

To help you stay compliant with Canadian financial regulations, Humi now sends automated email reminders to any user who has either not yet started their KYC/B verification or has started the process but has not yet completed all required steps. These reminders are designed to help you avoid any potential delays in your ability to run payroll.