How Do I Complete KYB?

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.

What is KYB?

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 and high-risk 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).

What is the Complete Business Details Verification (KYB) Process?

The KYC process only needs to be completed by one admin at your company. If your Humi account has an Admin role, you or another admin will be required to complete KYC.

This process starts with a notification banner at the top of your Humi account.

Step 1: Using Persona

1. When you click on the banner, you will be taken to a content page outlining the KYB process requirements.

2. Click the Verify business in Persona button to begin the Persona KYB verification process.

3. A window will show in Humi, and an inquiry associated with your account will be created in Persona.

4. Choose your preferred language in the bottom left and then click the Get Started button.

   

Step 2: Entering your Business Details

1. Next, you’ll be asked for some business details:

   • Legal business name
   • Business tax identification number
   • Year of incorporation
   • Entity structure (choose one):
     • Sole proprietorship
     • Corporation
     • Partnership
     • Co-operative

2. Persona will then collect your business address.

   • First, enter your Physical Business Address by using the address autocomplete or by clicking “edit address manually”.
   • For some businesses, the Legal Registered Address differs from the physical address. If this is the case, uncheck “Same as physical address” and enter your registered address as well.

   

Step 3: Business Signing Officer and Ultimate Beneficial Owners (UBOs)

1. Next, Persona will collect information about you as the Business Signing Officer and any UBOs.

2. Enter your information for the Signing Officer section
   • First name
   • Last name
   • Job title
   • Email address

3. If you’re an owner, check the “I am also an owner” checkbox

   

4. Click the Next button
5. You’ll be prompted to enter UBO details for all UBOs.

   1. For each UBO, enter:

      • First name
      • Last name
      • Percentage of Ownership
      • Email address

   2. Continue until all UBO’s data is entered

      

6. After entering the UBO(s) details, you, as the business signing officer, will be asked to attest to the validity of this data.

   1. To confirm the information you’ve entered is correct, check the box beside “Please confirm the identity of the Ultimate Beneficial Owner (UBO) to complete this part of the verification process.”

   

7. When you click the Next button, each UBO will be sent an email inviting them to complete the KYC Verification Process.

Step 4: Business Verification Documents

1. Next, Persona will collect your business verification documents. These fall into three categories:

   1. Pay Verification: Documents that include the company name as well as the bank institution, account, and branch/transit number. (e.g. a void cheque, bank verification letters, etc.)

   2. Place and History of Business: Documents that include the business address and business name (e.g. utility bills, invoices, statements, etc.)

   3. Payor Relationship: These documents should detail the UBO as the signing officer or director of the company. (eg. Incorporation papers/business registration/bank verification letters.)

      

2. Select the category you’d like to upload a document(s) for. You’ll be prompted to import the document(s) into Persona. There are three methods to choose from:

   • Take a photo with your current device
   • Upload from your current device
   • Continue on another device

   

3. Once all documents in a category have been uploaded, click the Submit button.

   

4. Persona will then verify the uploaded documents.

   

5. Go through these steps for each document category. Once all three categories of documents have been uploaded and verified, click Submit documents.

   

6. Nice work! The KYB process is now complete, and you’ll be returned to Humi.