KYB and onboarding

After applying for general onboarding and submitting KYC information, you can proceed to submit Know Your Business (KYB) information. Note that KYB checks are only required if your customer will be onboarded as Merchant-Of-Record, which depends on your payments gateway model of choice.

KYB checks verify the identity of your customer's business and assess any potential risks. While this process is similar to Know Your Customer (KYC) regulations, KYB focuses on understanding the underlying business and its entities beyond the corporate legal structure and its associated business owners.

KYB is a legal requirement for many payment services designed to prevent businesses from becoming involved in money laundering, fraud, and other financial crimes. It serves as a protective measure ensuring businesses operate in a lawful and ethical manner thereby maintaining the trust of clients and partners.

Airwallex's Embedded KYB component allows you to provide a frictionless onboarding experience for your customers to submit KYB information. Business information collected and verified for KYB includes:

• Business identification information: This may include your trading name, physical address, and website URL.
• Legal entity details: This encompasses the legal form of your business (e.g., corporation, partnership, etc.), the jurisdiction of incorporation, and registration number.
• Operational information: The nature of your business, including products and services offered, target markets, and key partners or suppliers.
• Financial information: Financial statements, source of funds, and other relevant financial details.

Note that Airwallex is committed to maintaining the confidentiality and security of the data collected for KYB adhering to stringent data protection standards.