PayConnect is a comprehensive corporate onboarding website designed to streamline your Know Your Business verification process. The platform guides you through each step of gathering, uploading, and submitting your KYB application materials. By centralizing document management, tracking submission status, and providing clear guidance on requirements, PayConnect significantly reduces the complexity and time involved in KYB verification. This helps your business establish relationships with financial institutions and service providers more efficiently while ensuring compliance with necessary regulatory requirements.
Common documents required for KYB verification include:
The verification timeline varies depending on the complexity of your business structure and the responsiveness in providing required documentation. A straightforward verification for small businesses might take 1-2 business days, while more complex organizations with international operations or multiple ownership layers might require 1-2 weeks or more. Providing complete and accurate documentation upfront can significantly reduce processing time.
Typically, verification is required for:
A Beneficial Owner is any individual who ultimately owns or controls 25% or more of a business, either directly or indirectly. Identifying beneficial owners is a critical part of KYB because it ensures transparency about who truly controls the business. This helps prevent shell companies from being used for illicit purposes and ensures compliance with anti-money laundering (AML) regulations.
Information typically needs to be updated:
If your verification is rejected, you'll typically receive feedback about the reasons for rejection. Common reasons include:
You'll need to provide the requested information or documents to resolve the issue. If the issue persists, you may need to contact your onboarding partner for assistance.
Yes, reputable service providers maintain strict security and confidentiality protocols for information.