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Buyer Due Dilligence

Buyers that are being onboarded need to complete KYB (Know Your Business) before they can use any financial service. Such Buyers are required to provide due diligence information.

The first screen shown in the KYB UI component will require the Admin User of the Buyer to view and consent to the Terms and Conditions.

Terms acceptance

Following acceptance of the Terms and Conditions, the Admin User will be asked questions that serve to determine whether the Buyer can be classified as an Enterprise Business or not.

Micro-enterprise classification

Micro-enterprises are businesses that are smaller than SMBs and need to be treated as “retail” customers.

The following are the types of organisations that can be onboarded:

  • Private limited liability company (Ltd Co / LLC / GmbH)
  • Partnerships
  • Public limited company (plc)

The following information will be captured as part of the standard due diligence process, for a private limited liability company.

  • Basic details about the Identity
    • Name
    • Registration country
    • Registration number
    • Date of incorporation
    • Company contact phone and email
    • Addresses:
      • Registered address
      • Business address, if different from the registered address
      • Correspondence address, if different from the registered address
  • Copies of documentation including:
    • Certificate of Incorporation
    • Articles of Association (last amendment)
    • Recent commercial registry extract clearly showing company structure including UBOs (ultimate beneficial owners)
    • Proof of business address such as a copy of a bank statement or lease agreement in the name of the business
    • UBO Declaration Form identifying all UBOs (owning 25% or more)
  • List of UBOs owning at least 25% of the company. Proof of Identification and Proof of Address for each UBO is to be submitted by the Admin User (or appointed representative).
  • KYC verification of at least one director or authorised representative (with Power of Attorney)
  • List of current company directors
  • Questionnaire including, but not limited to, sections covering:
    • Business website URL or similar marketing information
    • Business activities
    • Expected Source of funds to be deposited in Identity accounts
    • Projected Transactions
micro-enterprises

Buyers who are considered as Micro-enterprises will not be onboarded for now. If the Buyer is a micro-enterprise the [KYB UI Component] will return an HTTP 409 error code MICRO_ENTERPRISE_NOT_SUPPORTED

Retrieve the KYB status of a Buyer​

In order to determine the KYB status of a Buyer, use

GET/buyers/kybTry it

The kybStatus field returns the KYB status for the Buyer.