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How do I complete the KYB Process?

Alex Taneda
Updated

What is a KYB process?

A KYB (Know Your Business) process is a procedure Borderless must conduct to verify the identity and legitimacy of its business customers. This process is mandatory to comply with regulatory requirements that prevent fraudulent activities, such as money laundering or terrorism financing.

Who needs to complete a KYB process?

  1. An Authorized Representative of the Legal Entity
  2. All listed Ultimate Beneficial Owners (UBOs)

Authorized Representative: A natural person officially designed by a legal entity (e.g. corporation, limited liability company, etc.) to act on its behalf and perform legally binding actions. The authorization may be granted in writing, through a corporate resolution, or by other means.

For US customers, if this person does not appear as a listed individual on any of the legal entity's Secretary of State filings, a listed individual must provide written proof of their authorization. 

UBO: Any legal person (either a natural person or legal entity) who has 25% or more ownership of the legal entity. 

Why do I need to complete a KYB process?

Borderless is required to verify the identities of anyone with 25%+ ownership of a business for which we are moving money, as well as the business' Authorized Representative. This is considered standard best practice across the industry to abide by international anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. 

The Authorized Representative must complete a KYB verification to establish their business relationship with Borderless, name the legal entity's UBOs, and complete a KYC (Know Your Customer) verification to authenticate their personal identity. 

Once named by the Authorized Representative, the UBO will receive an email to initiate their part of the KYB process. They will only need to complete a KYC (Know Your Customer) verification to authenticate their personal identity.

How long does it take to complete a KYB process?

For Authorized Representatives, the KYB + KYC verifications takes  <10 minutes to complete.

For UBOs, the KYC verification takes <5 minutes to complete.

It's essential to provide accurate and complete information to avoid processing delays or rejections.

What happens after I complete the KYB process?

Once complete, the provided information will be reviewed and verified. If any KYB or KYC verifications are flagged, you will receive a request from Borderless Support for additional information or documents. 

KYB Process Overview:

Authorized Representative KYB Steps

  1. Once the Legal Entity Details step is complete, the Authorized Representative must complete the KYB verification through the Borderless platform. For the UBO step, please only list natural person UBOs. If your company has legal entity UBOs, please contact support@hireborderless.com for more information. 
    • Watch the video below for a walk-through of the KYB verification:
  2. After completing the KYB verification, the Authorized Representative will be automatically brought to their KYC verification.
    • Watch the video below for a walk-through of the KYC verification:

UBO KYB Steps

  1. The UBO must click the link from their email to complete the KYB process. This will automatically bring them to their KYC verification.
    • Watch the video below for a walk-through of the KYC verification:

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