Business Onboarding
To onboard a business, we are required to collect and verify information about the entity and its ownership structure.Standard Business Onboarding Requirements
We need the following details to verify your business:- Legal Entity Name: The official registered name of your company.
- Registered Address: The address where your business is officially registered.
- Principal Operating Address: The location where your daily business activities actually take place.
- EIN/TIN (or non-US equivalent): Your business tax identification or registration number.
- Business Entity Type: The legal structure of your company (e.g., LLC, Corporation).
- Business Formation Documents: Official paperwork showing your business was legally created.
- Business Ownership Documents: Records that identify the shareholders or owners of the company.
- Business Description: A brief summary of what your company does.
- Business Website: Your company’s active URL.
- Business Industry: The specific sector your company operates in.
- DAO Status: Confirmation of whether your business operates as a Decentralized Autonomous Organization.
KYC on Beneficial Owners and Control Owners
We must verify the individuals who own or manage the business:- Ultimate Beneficial Owners (UBO): Any individual or entity that has final ownership and control over the business.
- Control Person: An executive (like a CEO or President) with the authority to manage the company, required if different from the UBOs.
- Proof of Address Documents: Required for individuals or the business if there are conflicting location signals.
Enhanced Business Onboarding Requirements
Certain accounts may require these additional details:- Source of Funds: Explanation of where the business capital originates.
- Estimated Annual Revenue: Your projected yearly earnings.
- Disclosure of High Risk Activities: Identifying any business operations that carry higher regulatory risk.
- Disclosure of High Risk Geographies: Identifying any business ties to restricted regions.
- Disclosure of Customer Money Transmission: An explanation of your compliance checks if you move funds for your own customers.
- Primary Account Purpose: Why you are opening this account.
- Expected Monthly Transaction Volume (USD): The total value you expect to move through the account each month.
Additional Information Requests
In certain cases, we may also ask for:- Proof of Funds: Bank statements or similar financial records.
- Proof of Operating Activity: Evidence of active business like invoices, contracts, or bills of lading.
- Licensing Information: Necessary permits if your industry is regulated.