Company verification (KYB)

Intro

KYB (Know Your Business) verification confirms your company’s identity and eligibility to use Stobox4.

This guide explains the mandatory steps and requirements for completing KYB verification for corporate clients. It focuses only on KYB, not individual KYC.

The main points are to:

• Collect and verify all company identification information: legal name, registration number, legal and operational addresses, type of entity, board, management, governing law, and business activities.

• Ensure documents are authentic, signed by the relevant authorities (the director or the secretary), and notarized if required. Screenshots or internal charts are not accepted.

• Identify and verify Ultimate Beneficial Owners (UBOs) and any individuals exercising >25% control.

• Apply a risk-based approach to classify high-risk corporate clients.

• Comply with AML, FATF, GDPR, US Data Privacy Framework, and local regulations.

• Implement ongoing monitoring: ownership changes, PEPs, sanctions, and transaction patterns.

• Maintain records for at least five years, including transactions, internal reports, and training logs.

• Use AI and automated risk scoring to support KYB and continuous monitoring. ​

Note: All information displayed is mock data used for demonstration purposes only.

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Compliance Requirements

• Customer Due Diligence (CDD): required for all businesses; includes corporate documents and verification of directors/UBOs.

• Enhanced Due Diligence (EDD): applied to high-risk entities (e.g., PEPs, high-risk jurisdictions, complex structures) and may require extra checks/documents.

• Ongoing Monitoring: business profiles are reviewed regularly; updated documents may be required to ensure continued compliance.

• Data Protection: all information is processed in accordance with the GDPR and equivalent data protection laws.

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Document Acceptability Criteria

Documents are generally accepted if:

• Issued no more than 12 months before verification, or the most recent available in public registers.

• Certain documents with unlimited or specific validity (e.g., trust deeds, articles of association) are accepted regardless of date.

Accepted formats include:

• Original e-documents, photos, black-and-white or color scans, plain copies, documents with handwritten or electronic signatures.

• Documents in any language are accepted if presented in OCR format.

Not accepted / insufficient on their own:

• Screenshots.

• Internal company forms or charts.

Issuers considered acceptable:

• State/company registers, registered agents, public notaries, solicitors, or documents signed by company directors/secretaries with a seal.

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What are image requirements

Uploaded documents must be:

• Issued within the last 12 months.

• Provided as an e-document, electronically generated file, photo, or plain copy.

• In any language.

• In color or black-and-white.

Do not upload:

• Screenshots

• Corporate documents split into separate files

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What company documents are accepted

Legal presence

• Certificate of incorporation/registration

• Memorandum/articles of incorporation/association/registration

• Recent excerpt from a state company registry

• Partnership agreement

Company details

• Statement of information

• Proof of address

• Recent excerpt from a state company registry

• Memorandum/articles of incorporation/association/registration

• Certificate of incorporation/registration

• Certificate of incumbency

• Certificate of good standing

• Partnership agreement

Ownership structure

• Shareholder registry

• Statement of information

• Trust agreement

• Recent excerpt from a state company registry

• Partnership agreement

Control structure

• Director registry

• Trust agreement

• Statement of information

• Recent excerpt from a state company registry

• Partnership agreement

Representatives authorization

• Power of attorney

• Partnership agreement

What documents for sole proprietorships are accepted

• Recent excerpt from a state company registry

• Annual return

• Bank statement

• Certificate of registration/incorporation

• Registration form/statement

• Business/trade license

• Tax form/certificate

Source: Sumsub

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