KYC, KYB & Enhanced Due Diligence Requirements

KYC (Know Your Customer) is the process of verifying the identity of the individuals connected to an account — such as beneficial owners, directors and authorised users — typically using government-issued photo identification and, where required, proof of address.

KYB (Know Your Business) is the verification of the business itself: its legal existence, registration, ownership and control, activities, banking relationships, regulatory status and intended transaction activity.

KYC verifies people; KYB verifies the company. A business application to KeyBS Pay involves both: KYB for the entity and KYC for its beneficial owners, directors and authorised users.

Typically: certificate of incorporation or registration, ownership and control information, identification for beneficial owners owning 25% or more, director and authorised-user identification, a bank letter or other approved banking confirmation, details of business activities and expected transactions, Source of Funds information, and applicable licences, registrations and tax identification information.

Yes. The official KeyBS Pay KYC and KYB Business Account Checklist (PDF, Version 1.0, August 2026) can be downloaded directly from this page. It covers company, ownership, banking, business, transaction, Source of Funds and regulatory documentation.

A beneficial owner is an individual who ultimately owns or controls the business — directly or indirectly. KeyBS Pay identifies and verifies beneficial owners owning 25% or more, together with relevant control-person information.

Yes. Identification and ownership information is requested for all beneficial owners owning 25% or more of the entity, together with relevant control-person information.

Enhanced Due Diligence (EDD) is an additional level of review applied where the customer, ownership, business activity, jurisdiction or transaction profile presents elevated risk. It typically involves Source of Funds, Source of Wealth and further supporting documentation.

Source of Funds and Source of Wealth documentation is required if any one of the following applies: the business operates in a high-risk industry; the customer is a PEP or connected to a PEP; the entity is incorporated in a high-risk jurisdiction; the entity is operating in a high-risk jurisdiction; a beneficial owner holding over 25% resides in a high-risk jurisdiction; or a beneficial owner holding over 25% is 25 years old or younger.

Source of Funds (SoF) refers to the origins of money that an organisation uses to finance its operations. If no business activity, or information supporting business activity, is evident, KeyBS Pay may require further information and supporting documentation.

Source of Wealth (SoW) refers to the origins of a client’s entire body of wealth (total assets) — establishing why the client has the assets they do and how they came to accumulate them. Where the client has been trading, accounts or corporate tax statements from the previous year would be expected.

Examples include business bank statements, audited or management accounts, contracts, customer or supplier invoices, investment documentation, sale agreements and tax filings. These are examples — acceptability is assessed case by case.

Examples include annual accounts, corporate tax filings, investment evidence, sale-of-business documentation, property sale records, dividend evidence and employment or business income evidence.

A business bank statement helps confirm the banking relationship, account ownership and the transaction activity described in the application — and can serve as Source of Funds evidence.

Yes. Industries classified as high risk — such as cryptocurrency businesses, money service businesses or dealers in precious metals and stones — may still be assessed, but Source of Wealth and Source of Funds documentation is required and enhanced review applies. High-risk classification does not by itself mean the business is prohibited. Activities on the prohibited list cannot be onboarded.

Documents that are blurry, cropped, glared, very dark, expired or inconsistent with the application will likely require resubmission. All documents should be complete, current, legible and consistent with the information provided in the application.

Sandbox testing is available for development, but production access requires completed corporate KYB, funds-flow review and applicable compliance approval. The required structure depends on the proposed service, funds flow, jurisdictions, beneficiaries and regulatory model.

Platforms are typically asked for corporate KYB, ownership and licensing information, the full funds flow, customer and beneficiary types, countries, currencies, volumes, their own KYC/KYB and AML framework, transaction monitoring, sanctions screening approach, business model, terms of service and Source of Funds information.

Nested payments involve providing payment, account or safeguarding services to underlying customers of the account holder without KeyBS Pay's prior written approval and full look-through transparency. Platforms and intermediaries should describe their complete customer and funds flow during onboarding.

No. Submission of documents does not automatically guarantee account approval. KeyBS Pay may request additional information depending on risk profile, business activity, jurisdiction or transaction profile. Not every document will apply to every applicant.

Yes. KeyBS Pay may request additional information where required for compliance, risk assessment, verification or regulatory purposes — at any stage of onboarding or during the ongoing relationship.