KYB process

Verify your business identity to join our secure financial community.

At FBA Finance, we're committed to creating a secure and trustworthy environment for all our users. Our Know Your Business (KYB) process is a crucial step in achieving this goal. It helps us verify the legitimacy of businesses joining our platform, comply with regulatory requirements, and protect our community from potential fraud.

What is KYB

Know Your Business (KYB) is a due diligence process that helps us understand who we're doing business with. It involves verifying the identity of business owners, understanding the nature of the business, and assessing potential risks associated with the business.

Why is KYB Important ?

• Regulatory Compliance: KYB helps us comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

• Risk Management: By thoroughly vetting businesses, we can better manage risks within our platform.

• Trust and Security: KYB helps ensure that all members of our community are legitimate businesses, fostering a secure environment for collaboration and financial activities.

Our KYB Process

• Information Gathering We collect essential information about your business, including:

  • Business name and registration number

  • Business address and contact details

  • Names and identification of beneficial owners (those owning 25% or more of the business)

  • Nature of business and industry

  • Product/Service information

• Document Verification We'll ask you to provide several documents to verify the information you've provided:

  • Certificate of Incorporation or equivalent

  • Proof of business address (recent utility bill or bank statement)

  • Government-issued ID for all beneficial owners

  • Tax registration certificate

These are the steps and items required to complete our KYB , there are more extensive vetting process like the FBA Algorithm that will vet all businesses entering an FBA Pool. The tools , education and mentorship do not need vetting from the algorithm but we will also have free tools that businesses can use to vet themselves and know where they stand on the credit scale.