Know Your Business (KYB)

What is Know Your Business or KYB?

KYB is a federally mandated regulation that is meant to ensure the identity verification of customers so that they can use the Quolum SaaS Card. Regulations such as the Bank Secrecy Act/Anti-Money Laundering law (BSA/AML) in the United States require that financial institutions handling your funds perform identity verification to help limit suspicious or fraudulent activity. When this verification process is applied to a business, it is referred to as Know Your Business (KYB).

What business documents are needed to complete the KYB

  1. Business identification information (US/Canada EIN/Federal ID, Registered address, Incorporation date)
  2. Business owner and/or controlling officer information (Name, DOB, home address, SSN)

My KYB is denied. What's next?

The KYB could be denied due to various reasons. A few examples are:

  • Proprietor, officer, or beneficial owner appears on an Office of Foreign Assets Control (OFAC) list.
  • Social Security Number (SSN) appears on Network Alert List, is of a deceased person, or was issued before the individual’s date of birth.
    It is very likely that there was a data-entry issue. Please reach out to us at [email protected] to help get this resolved.

My KYB is pending. What's next?

A KYB could be pending due to issues related to the data provided about the business or individual(s) associated with the business.
A few examples are:

  • Incorrect address of the business or an individual
  • Mismatched Federal ID Number or an individual's SSN
  • Business not registered or not in good standing with Secretary of State
  • Individual not related to the business
    All of these issues can be resolved by reaching out to us at [email protected] and we'll ask for additional documentation to get this resolved and get the KYB completed.

My KYB is approved. What's next?

Congratulation. You can create your first SaaS Card!

Do I need a US/Canada address?

Yes. We are currently supporting businesses that are registered in the US/Canada and business owners that are US/Canada persons.