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, 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.  

FINTRAC, which stands for the Financial Transactions and Reports Analysis Centre of Canada, is Canada's national financial intelligence unit.

It was established in 2000 and operates under the authority of the Ministry of Finance. The primary role of FINTRAC is to facilitate the detection, prevention, and deterrence of money laundering, terrorist financing activities, and other threats to the security of Canada.

The activities of FINTRAC are crucial in maintaining the integrity of Canada's financial system and protecting it from being exploited for illicit activities. To learn more, click here.

Persona is an industry-leading company that provides KYC and KYB verification services. Through Humi’s vendor relationship, Persona will provide tools and technology designed to help businesses verify the identities of our clients as part of our KYC and KYB compliance requirements.

Persona's services are used across various industries, including finance, healthcare, and online marketplaces, to ensure compliance with regulatory requirements and to protect against fraud.

Here are some key features of Persona's verification services that Humi uses:

1. Document Verification: Persona enables businesses to verify government-issued IDs such as passports, driver's licenses, and other identification documents. This process typically involves the user uploading a photo of their ID, which Persona's technology checks for authenticity.
2. Biometric Verification: To further ensure that the person providing the ID is its rightful owner, Persona can employ biometric checks, such as facial recognition. This involves comparing a live selfie taken during the verification process to the photo on the provided ID.
3. Database Checks: Persona can cross-reference information users provide with various databases to confirm their identity. This can include checks against credit databases, public records, or government databases.

To learn more about Persona, click here.

It is essential that we know which user in our platform is running payroll and initiating the electronic movement of funds, not only for compliance with legal requirements but also for managing risk. Therefore, we are restricting access to the Payroll Module for any user who is signed in as another user. To access the Payroll Module, please use your own verified account.

Yes. Your data is securely stored with Persona, which implements bank-grade security and is certified for SOC 2 Type II, a leading global security framework. For more information, click here.

If any of your information changes that is deemed sensitive, you will be required to re-verify. These data points include:

You can complete the KYC process if you live outside of Canada. In one of the first verification steps, you will be asked which country your government ID is from. While the selection defaults to Canada, Persona supports government-issued ID verification from many countries.

If you’re having trouble with this, please reach out to our team.

No, this process doesn't impact your credit score in any way. Humi won't conduct a credit check.