What is a KYB and what documents are required for it?

We have news regarding KYB. We will be able to offer you KYB from February 15, 2023.

Currently, users who want to register a company or plan to undergo KYB in the future can contact our support to initiate the process. After registration, companies will receive an invoice and can proceed with the payment. We are currently working on a process to digitize invoice issuance to provide you with a simple and convenient way to complete the payment.

The automatic KYB checks include Corporate AML Screening and automated company registration verification. These checks are performed to gather information about the company and its beneficiaries.

For collaboration with companies, the following information is particularly important:

• Existence of any sanctions against the company
• Negative mentions in the media
• Inclusion in watchlists

Additionally, during the verification process, a Corporate AML Screening is conducted, which applies to legal entities. This involves screening the company for sanctioned and compromised individuals during onboarding and periodically.

Required documents for KYB:

The specific documents required for a particular jurisdiction are determined by the anti-money laundering laws applicable in that jurisdiction.

Normally, Sumsub receives and verifies the following documents for a legal entity:

•  Document confirming the legal existence of the company, such as:
  - Certificate of incorporation/registration
  - Current extract from a state company register
  - Certificate of good standing
  - Memorandum and articles of association/registration
  - Other similar documents
• Document enabling the identification of all Ultimate Beneficial Owners (UBOs) of the company, such as:
  - Share register
  - Disclosure of information
  - Current extract from a state company register
  - Certificate of good standing
  - Memorandum and articles of association/registration
  - Trust agreement; other similar documents

Document requirements

The submitted documents must include the company name, registration number, legal form (type), address, and date of incorporation.

If the company has multiple layers, such as intermediary holding companies, relevant documents for each entity should be provided.

https://help.sumsub.com/products/which-documents-sumsub-requires-for-kyb