What is KYC?
The Know-Your-Customer process commonly referred as KYC, is a step in your onboarding at Airbase, to verify your identity in line with the financial processing and institutional guidelines, to keep our services and your experience secure.
What information may be collected during the KYC process?
During the KYC process, we may collect information such as business documentation (e.g. articles of incorporation, proof of address, and information about ultimate beneficiary owners). We may also collect other information depending on the field of your business, location, and product features.
Why is KYC required?
Government guidelines and laws created to prevent money laundering, terrorism, and other criminal activities have certain requirements for financial institutions, apps, companies, and other institutions dealing with transactions, payment processing, and other related activities. KYC is part of those safety measures to keep financial movements safe.
None of my business activities are contemplated in legislation or law enforcement requirements, why is this necessary?
Financial partners are an essential part of our products and your experience. They are required to contemplate these measures as a general practice towards every customer as part of their compliance with regulations.
How is personal information handled during the KYC process?
Any personal information or sensitive information collected during the KYC process is handled in a secure environment with limited access and with strict privacy in mind. It is only used for the purpose of completing the KYC process.
How long does it take?
The main part of the KYC process will be done during the window of your onboarding, but additional information or supporting documentation may be required depending on factors such as the field of business, the location and product features.
Are the requirements for the KYC process the same for all businesses and products?
The requirements for the KYC process may vary depending on the nature of your business and operations, location of incorporation, and product features.
I have already provided the required documentation, why is more information requested?
As per the line of the financial processing component from financial institution partners, we may require additional documentation for the information you have already entered, we do not ask for information or documents beyond the purposes of verification and confirmation.
Why are you asking for address details if we are a virtual-first/virtual-only company?
Per the lines of financial processing compliance towards authorities, a physical address is required for verification purposes. We will never share any personal information related to Controlling Officers, Ultimate Beneficiary Owners, or anyone from your team, this documentation is processed and treated with strict privacy and confidentiality focus.
Can I use a P.M.B., P.O.B., or virtual address?
Requirements may vary case by case and we will let you know anything we need if you have informed us in the initial questionnaire that you are a virtual-only/virtual-first company. Please contact your Onboarding Specialist for any further clarification and help to navigate the document requests.
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