Company Details
Verification Process
After submitting all required information and documents, the business will go through the following verification stages:
| Status | Description |
|---|
| INCOMPLETE | Information submitted, but documents not yet attached |
| ASSOCIATED PARTIES REMAINING | Business documents submitted, but some associated party documents are still needed |
| REVIEWING | All documents received and are under review by the compliance team |
| APPROVED | Verification complete, business can begin transactions |
| ON HOLD | Additional information or documents needed (you’ll be contacted) |
| REJECTED | Verification failed (specific reasons will be provided) |
Common Issues to Avoid
| Issue | Solution |
|---|
| Email rejected | Make sure the email is all lowercase before submitting |
| Tax ID format rejected | Use the correct format (EIN for USA: 12-3456789) |
| Phone number rejected | Include country code (e.g., +1 for USA) and ensure it matches country of incorporation |
| State code rejected | Use official state codes like “US-CA” instead of just “CA” |
| P.O. Box rejected | Use actual street addresses, not P.O. Boxes |
| Ownership percentages don’t add up | Total ownership must be more than 0.01% but less than 100% |
| ID document rejected | For National ID and Driver’s License, provide both front AND back images |
| Associated party address doesn’t match | Address on proof of address must exactly match the address you entered |
| Document too old | Utility bills, bank statements, and government letters must be from the last 90 days |
| Name contains special characters | Use only English letters - convert special characters (e.g., José becomes Jose) |
| Monthly volume format wrong | Enter the dollar amount (e.g., 50000 for $50,000), not cents |
Example: Complete Business with 2 Owners
Business: Acme Corporation
- Owners:
- John Smith - CEO with 75% ownership
- Jane Doe - CFO with 25% ownership
Documents Needed:
- 3 business documents (shareholder registry, certificate of incorporation, proof of address)
- 2 identity documents for John (e.g., front and back of National ID)
- 1 address document for John (e.g., utility bill)
- 2 identity documents for Jane (e.g., front and back of National ID)
- 1 address document for Jane (e.g., utility bill)
Total: 9 documents
What Happens After Approval?
Once a business customer is approved, they can:
- Create beneficiaries (people or businesses they want to send money to)
- Initiate cross-border payments and payouts
- Access the full platform features
Fin.com uses SumSub to do KYB of its customers.
