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KYB "Know Your Business" verification
KYB "Know Your Business" verification

Understanding KYB and the documents to be provided

Christina avatar
Written by Christina
Updated over a week ago

What is Know Your Business (KYB)?

KYB is a regulatory and legal requirement for banks and other financial institutions to identify and verify the identity of their customers. KYB is therefore a procedure for collecting and analysing information about a company or legal entity.

The KYB procedure

At Defacto, most KYB checks are automatic. However, there may be cases where :

  1. Defacto has a manual verification action to ensure that your company is not on any sanctions lists and that all beneficiaries are identified.

  2. The automatic process has not been able to obtain all the information required to carry out the checks.

In this second case, we need you to fill in all the missing information by clicking on a link which will be made available to you in a banner on your interface.

In general, the documents you will need to provide are :

  • your certificate of incorporation dated less than 3 months ago

  • an identity document

Please note that as long as this information is not complete, your financing applications will remain pending validation.

Data retention

In accordance with AML-FT regulations, Defacto is obliged to retain data for at least 5 years after the end of the relationship.

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