Know Your Business (KYB)

Know Your Business (KYB) verification is a process used to verify the legitimacy of business entities that wish to use the Rails Pro platform. Similar to Know Your Customer (KYC) which focuses on individuals, KYB ensures business clients are compliant with anti-money laundering (AML) regulations and helps prevent fraudulent or illicit activity. Through KYB, we verify information about your company, such as its legal status, ownership structure, and business activities.

Onboarding for Business has two key components:

1

Know Your Business (KYB)

Document verification to confirm entity details, that the business is in good standing, ownership structure and eligibility for the platform.

2

Know Your Customer (KYC)

Identity verification and proof of residential address for all applicable Ultimate Beneficial Owners (UBOs) and controllers.

We’ve detailed the key requirements below to help streamline your onboarding. Having all necessary information prepared in advance will make the process faster and smoother, and if you need help we are here to assist you. Please submit a support request, and our team will contact you as soon as possible.

What business details need to be verified?

The following information must be collected and verified for all eligible business accounts:

1) Legal Presence:

• Proof of registration/incorporation

• Registered company name

• Registered address, and any operating office addresses.

2) Ownership Structure:

• Identification of all Beneficial Owners

• Identification of all Directors

• Identification of all Controllers

• Identification of all Trustees, Settlors, Beneficiaries, Contributors of capital, Protectors and Enforcers of a Trust (if applicable)

3) Proof of Good Standing:

• Evidence that the entity is active and in good standing (verified within the last 6 months)

What documentation is required?

We use public records and trusted third-party tools to attempt to verify entities independently, however due to our global user base documentation is required.

The documents we'll need to collect will vary based on your organization type (corporation, trust, partnership etc.) and jurisdiction.

Read this for a list of acceptable documents based on your organization type.

Which individuals must verify their identities?

Some beneficial owners and controllers are required to complete KYC verification. The number of individuals varies by business type and ownership structure.

Read this to confirm which owners and controllers will be required to complete identity verification.