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).
- Business identification information (US/Canada EIN/Federal ID, Registered address, Incorporation date)
- Business owner and/or controlling officer information (Name, DOB, home address, SSN)
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.
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.
Congratulation. You can create your first SaaS Card!
Yes. We are currently supporting businesses that are registered in the US/Canada and business owners that are US/Canada persons.
Updated 4 months ago