Full Explanation
AML (Anti-Money Laundering) and KYC (Know Your Customer) are regulatory requirements designed to prevent financial crime. For business accounts this is KYB (Know Your Business): the provider verifies the company, its ownership structure and its authorised signatories, and monitors transactions for suspicious activity. These regulations make it necessary to verify your business and provide supporting documentation when opening payment accounts or settling large payments.
Frequently Asked Questions
KYC regulations require financial institutions to verify customer identity to prevent fraud and crime.
KYC verification typically takes 1-3 business days. Complex cases involving enhanced due diligence may take longer.
For businesses: certificate of incorporation, register of directors and shareholders, UBO disclosure, proof of registered office, IDs for authorised signatories, and source of funds for larger payments.
Yes, regulated companies protect your data. Verified under government supervision.