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, 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. 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

   • Business name (trade name or name used to differentiate multiple Humi accounts)
   • Legal business name
   • Doing business as name (trade name)

   Please note: The three business names provided above should match those as classified in Humi.

   • Business tax identification number
   • Year of incorporation
   • Business address
   • Entity structure (Sole proprietorship, Corporation, Partnership, Co-operative, Non-profit, Government organisation)
2. Associated people: 
   • Directors
     A Director is someone who is a member of the Board of Directors and has the legal authority to manage the company's operations and make executive decisions. If you select Corporation or Non-Profit as your Entity Structure you will be prompted to provide their name, occupation, country of residence, and address. Please provide the details of at least two Directors. Directors are not required to complete KYC identity verification unless they are also a Signing Officer and/or UBO.

   • Ultimate Beneficial Owners (UBOs)
     A UBO is someone who holds 10% or more ownership of the business. There can be more than one UBO. You'll need to provide their name, job title, email address, and percentage ownership. Each UBO must be linked to the business and complete KYC identity verification. If they're also a Humi Admin, they only need to do KYC once and ensure you enter in their email address associated with their Humi account. If the UBO is not a Humi Admin, please enter their preferred email address and they will receive an automated email from Persona to complete their identity verification. Please see KYC Verification Overview for more details.

     Non-profits only need to provide Signing Officer and Director details. UBO details are not required.

   • Signing Officer
     The Signing Officer is an individual who is authorized to perform financial transactions and can legally bind the company through their signature. On the last page of the KYB form you’ll need to provide their name, job title, email address, and percentage of ownership (if they are also a UBO). That individual must be the same person listed on the payor relationship document provided. The Signing Officer needs complete KYC identity verification. Please see KYC Verification Overview for more details.
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 one of the following documents, ensuring the legal name and address (including any suite number) match exactly what appears in Humi:

   • Utility bill (hydro, gas, water) from the past 2–3 months
   • Licence
   • Tax registration
   • Bank statements
   • Bank letters or agreements
   • Lease agreements
   • Articles of Association
   • Certificate of corporate status or incorporation
   • Annual report
   • Partnership agreement
   • Letter/Notice of Assessment

   We cannot accept self-prepared documents or sale invoices. The address provided must exactly match your business's legal address. P.O. boxes are not accepted as valid legal addresses.

5. Payor Relationship Documents:
   
   Please provide a certified government or bank issued document naming the individual with legal signing authority to execute transactions on behalf of the company. That individual must be attested as the Signing Officer on the last page of this form.
   
   You'll need to provide one of the following:

   • Articles of incorporation
   • Business registration
   • Bank verification letter confirming signing authority

   Please note that internal records and documents from your legal counsel or lawyer cannot be accepted.

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.