Know Your Business (KYB) is a critical process for financial technology firms like The New Money Company. KYB involves verifying the identity and legitimacy of businesses that use our platform. This process ensures that we comply with regulatory requirements, prevent fraud, and maintain the integrity of our financial ecosystem. By thoroughly verifying our business customers, we create a secure environment for all users, building trust and reliability in our services.
At The New Money Company, we offer fast verification once all information and documentation is submitted thanks to our partners who have integrated over 900 different registries and databases globally to check information against.
While the duration of the KYB process can vary depending on several factors, such as the complexity of the business structure and the completeness of the documentation provided, our efficient system ensures that thorough checks and compliance are achieved without causing delays for our customers.
We support KYB verification in each country we have payment coverage in. For a review of our coverage: https://newmoneycompany.com/coverage.
1. Start your KYB process: During onboarding you'll receive a KYB verification email — click 'Get Started'. The New Money Company uses a platform called AiPrise to securely collect documents and verify your information.
2. Supply your company information — We'll ask you to provide some basic information, like your tax ID or business registration number, as well as your incorporation name, website, and physical address.
3. Supply documentation of your business incorporation and a proof of address: we'll need a copy of your business registration document (like your articles of incorporation) as well as a proof of address.
Your proof of address document should show your full business name and your address. Here are a few examples:
Utility, gas, electric, internet, water, phone
Bank statement or other financial record
Government issued letter — like a tax receipt, statement, or letter
4. Lastly, we'll need to verify key people who own your business. We call these people, Ultimate Beneficial Owners (UBOs). They are people (or other businesses) who own 25% or more of your business.
If they are an individual, we'll need them to complete a quick identity verification process, which includes collecting their name, taking a selfie, and uploading a copy of a government-issued photo ID. If they are a business, we'll ask for similar information from that organization.
You can invite each UBO to complete their identity verification requirements by email.
Select Add related Person, and then fill out the contact details for this person. We only need their name, role, and email. (All other fields are optional.)
Once you add each UBO, you must invite them to complete the verification process before you continue.
If the UBO is filling out the form or available in person, you can select Verify (in orange) to begin the verification process at the moment. Otherwise, select Invite (in red) to send them an email to complete verification on their computer or mobile device.
Once you submit all of this information, we are usually able to complete you identity verification process automatically within two hours.
For further assistance, send us a message using phone, email, or WhatsApp. The contact details can be found at: https://newmoneycompany.com/premier.
KYB is a vital component of our operations at The New Money Company. By leveraging the industry-leading expertise and adhering to our verification standards, we ensure a secure and compliant environment for all our business customers. This not only helps in maintaining trust but also in protecting our platform from potential risks. If you have any questions or need further assistance with the KYB process, please don't hesitate to contact our support team.