Know Your Business (KYB) verification is a company's Anti-Money Laundering (AML) compliance requirement. Know Your Business (KYB) generally requires a company to perform suitable due diligence by collecting & analyzing a range of data and information on the businesses with which they are associated. KYB verification measures are key components of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.
TransFi's KYB process ensures AML compliance through thorough data collection, verification, and reporting.
Key Elements:
Standard Due Diligence (SDD):
Individuals: Verifies identity using government-issued IDs and proof of address.
Corporates: Requires registration documents, shareholder certificates, proof of address, EIN/TIN, and IDs for major owners.
Verification: Confirms document authenticity with regulatory sources.
Enhanced Due Diligence (EDD):
High-Risk Customers: Flags higher-risk customers (e.g., politically exposed persons, custodial crypto services).
Additional Verification: Requests further documents to assess AML risks.
Investigation: Conducts necessary investigations for high-risk customers.
This process ensures secure and compliant transactions for all users.
Company Registration/Incorporation certificate
Shareholder Certificates (for those owning >25%)
Certificate of Incumbency
Memorandum of Association (MOA) & Articles of Association (AOA)
Official address or Principal business address proof
EIN/TIN
ID documents for natural persons owning >25% and any controlling persons
Enhanced Due Diligence (EDD):
TransFi flags higher-risk customers (e.g., politically exposed persons, custodial crypto services) and requests additional documents and verification.
High-risk customers are identified based on business activities, including but not limited to:
Custodial crypto/digital assets services
Other non-custodial crypto/digital assets services
Money services/payments/other financial services
ギャンブル・サービス
政治的に露出している受益者を持つ顧客
For high-risk customers, additional documents may be required, such as:
Proof of source of funds
Relevant licenses
AML/KYC policies
If necessary, TransFi will conduct investigations to ensure compliance with AML regulations
