KYB checklist: the documents that get a business account approved faster

"Know Your Business" is the corporate counterpart of KYC. The reviewer is trying to answer four questions: who owns the company, who controls it, what it does, and where its money comes from. Every document in the file serves one of those questions.

1. Registry extract

A current extract from the company register (not older than three months). It confirms legal existence, registered address, directors and — in many jurisdictions — shareholders.

2. Ownership chart down to natural persons

If a shareholder is itself a company, the chart must continue until it reaches people. Anyone holding 25 % or more, directly or indirectly, is an ultimate beneficial owner and will be identified individually.

3. Identity and address of directors and UBOs

• Passport or national ID (both sides where applicable)
• Proof of residential address issued within the last three months
• For non-EEA nationals: residence permit, where required by the provider's policy

4. Description of activity and expected flows

A short, concrete narrative: what you sell, to whom, in which countries, with what monthly volume and average ticket. Vague descriptions trigger follow-up questions; specific ones do not.

5. Source of funds

For a new company this is usually share capital and shareholder loans; for an operating one, recent bank statements or financial statements. See our note on source of funds vs source of wealth.

The five mistakes that stall a file

1. An ownership chart that does not match the registry extract.
2. Expired or cropped identity documents.
3. A website that describes a different business than the application.
4. Missing licences for regulated activities.
5. Answering "various" to the question about countries of counterparties.