Understanding the KYC / KYB Verification Process

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Verification will open soon!

We wanted to give you a bit of time to gather your information before we open the verification process. As soon as we're ready, we'll send out an email to let you know it's time to get verified!

In the meantime, feel free to read through the details about how the process works and what you'll need to have on hand when the time comes.


 

Who Is Required to Complete Personal Identity Verification (KYC)?

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.

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Does My Company Have to Complete Business Details Verification (KYB)?

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.

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What Do I Need for KYC?

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.

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What Do I Need for KYB?

To verify your business, you will need:

  1. Business Information
    • Legal business name
    • Business tax identification number
    • Year of incorporation
    • Entity structure (Sole proprietorship, Corporation, Partnership, Co-operative)
  2. Business address
  3. Associated people (name, job title, email address, percentage ownership)
    • Signing Officers: Individuals who are authorized to legally bind the company through their signature.
    • Ultimate Beneficial Owners (UBO): Individuals who hold 25% or more ownership of your business. You will be asked to list the information for your UBOs on the next page.
  4. Pay verification documents
    • Acceptable documents should include the company name as well as a bank institution, account, and branch/transit number.
    • Examples: void cheque, bank verification letter, etc.
  5. Place and history of business documents
    • Acceptable documents should include the address of the business and business name.
    • Examples: utility bills, invoices, statements
  6. Payor relationship documents
    • Acceptable documents: incorporation papers/business registration/bank verification letters. This document should detail the UBO as the signing officer or director of the company.

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Will This Process Impact or Affect My Credit Score?

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

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