What is KYB and why is it required?
KYB stands for "Know Your Business," and it is a process used by companies, financial institutions and other organizations to authenticate the identity and background information of their business partners functioning as a legal person. The KYB process involves collecting various documents and information about a given legal entity and its business.
The primary purpose of the KYB process performed by Secro is to verify the identity of all legal entities before they join and conduct business transactions on Secro system. This is part of Secro vision to build a Trusted Network of trading partners with legitimate and trustworthy businesses. Secro performs KYB authentication using services of third-party partner ShuftiPro.
In summary, the KYB process is important as it helps Secro verify the identity and background information of customers using Secro system, decrease risk of the fraudulent activity, comply with regulations, and protect customers from potential risks and losses.
What do I need for KYB check?
- Business Registration Documents: these can include entity’s business legal name, tax registration number, address and date of incorporation, any other relevant registration documents based on the jurisdiction and business type.
- Mobile device or Web browser: mobile or web interfaces where you can submit business documents and complete the verification process.
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