Know Your Business (KYB) is a critical process for financial technology firms like The New Money Company. KYB involves verifying the identity and legitimacy of businesses that use our platform. This process ensures that we comply with regulatory requirements, prevent fraud, and maintain the integrity of our financial ecosystem. By thoroughly verifying our business customers, we create a secure environment for all users, building trust and reliability in our services.

At The New Money Company, we offer instant verification once all information and documentation is submitted thanks to our partners who have integrated over 900 different registries and databases globally to check information against.

While the duration of the KYB process can vary depending on several factors, such as the complexity of the business structure and the completeness of the documentation provided, our efficient system ensures that thorough checks and compliance are achieved without causing delays for our customers.

We support KYB verification in each country we have payment coverage in. For a review of our coverage: https://numohq.com/coverage.

At The New Money Company, we utilize AiPrise for our KYB verification process. AiPrise is a leading provider of business verification solutions, known for their accuracy and efficiency. By partnering with AiPrise, we ensure that our KYB process is robust, reliable, and compliant with international standards.

The KYB process involves several key components to thoroughly verify a business:

1. Business Identity Verification: This includes confirming the business's legal name, registration number, and address. It ensures that the business is legally registered and operating within its jurisdiction.

2. Ownership Structure: Understanding who owns and controls the business is crucial. This step involves identifying the ultimate beneficial owners (UBOs) to prevent money laundering and other illicit activities.

3. Financial Health and History: Assessing the financial stability and history of the business helps us evaluate potential risks. This may include reviewing financial statements, credit reports, and transaction histories.

4. Compliance Checks: Ensuring the business complies with relevant regulations and industry standards is essential. This may involve checking for any past legal issues, sanctions, or regulatory penalties.

5. Ongoing Monitoring: Continuous monitoring of the business ensures that we have the most up-to-date information on the businesses we serve.

1. Receive your KYB verification email and click 'Get Started'.

2. Supply your company information.

3. Kick-off the process for identity verification (IDV) for your beneficial owners (UBOs). These are people that own greater than 25% of the company.

4. Once your UBOs complete IDV, you'll be instantly verified and able to use the platform!

For further assistance, send us a message using phone, email, or WhatsApp. The contact details can be found at: https://numohq.com/premier.

KYB is a vital component of our operations at The New Money Company. By leveraging the industry-leading expertise and adhering to our verification standards, we ensure a secure and compliant environment for all our business customers. This not only helps in maintaining trust but also in protecting our platform from potential risks. If you have any questions or need further assistance with the KYB process, please don't hesitate to contact our support team.