What is KYB?

KYB (Know Your Business) is a set of measures and procedures implemented by financial institutions, payment service providers and other relevant bodies to identify and verify business entities in commercial relationships. KYB requires institutions to perform the necessary due diligence and verification on their customers to ensure their legitimacy and to comply with relevant regulatory requirements.

Why is KYB necessary?

KYB is a compliance requirement for financial institutions and other related organizations. According to Australian Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations and related provisions, financial institutions and regulated entities are required to collect and verify a customer’s information and take necessary measures to identify and prevent money laundering, terrorism financing, and other illegal activities.

KYB also helps to protect customers from fraud and abuse. By requiring customers to provide valid identification and other necessary information, financial institutions can ensure that their interests are protected and prevent them from becoming victims of fraud.

How to complete KYB?

Step 1：Fill out Basic Information

Please provide all company details for your account. You are required to upload company related supporting documents including:

• 1 document containing who the CEO/directors/beneficiaries are
• 1 document for proof of address

Examples of optional documents:

• Full company name registered by ASIC
• ABN/ACN/ARBN or equivalent
• Country of registration
• Each director and beneficiary's name
• Full business address
• Full address for main place of business

Based on your exchange needs, please select the currency you wish to exchange and provide an estimated annual transaction amount (please use the currency you hold as a reference).

For example, if your exchange requirement is from Euros (EUR) to Canadian Dollars (CAD), the estimated transaction amount should be in Euros (EUR). Once you have filled in the required information, please click "Next".

Step 2: Beneficiary Owner Information

Please select one or two ultimate beneficiary owners depending on the actual situation of your organisation and fill in Beneficiary Owner Details:

Next, upload the Beneficiary Owner’s identification documents. Please ensure that the images are clear and legible.

• Primary identification document (government-issued)
• Secondary identification document (should include the Beneficiary Owner’s personal name and residential address)

Please note that the file size should not exceed 5MB and must be in JPG, PNG, or PDF format.

Examples of primary identification documents:

• Driver’s license or permit from Australia or overseas (including a digital driver’s license)
• Australian passport
• Foreign passport issued by a foreign government or the United Nations
• International travel documents issued by a foreign government or the United Nations

Examples of secondary identification documents:

• A notice from the Australian Taxation Office or other government agency, such as Centrelink, that contains the individual’s name and residential address - issued in the past 12 months.
• A municipal council rates notice or a utilities bill (such as a water, gas or electricity bill) that contains the individual’s name and residential address - issued in the past three months.
• For an individual aged under 18, a letter from a school principal - issued in the past three months, is required.

If necessary, our customer service team will contact you to collect additional photo identification documents.

Step 3: Authorised Person Information

Please fill in the details for the Authorised person. If it is the same as the Beneficiary Owner, you can click on the tab for the corresponding Beneficiary Owner.

Otherwise, please follow the instructions on the page to fill information and upload support documents for the authorised person, the requirements are the same as the beneficiary owner requirements. Then click “Next”.

Step 4: Review Application 

Please review the information you previously provided on this page to ensure its accuracy. If any changes are required, please click "Edit" to update your information.

Once you have confirmed that everything is correct, please click "Next".

Step 5: Submit Application

Before you officially submit your KYB, please carefully read the Account Terms and Conditions.

By creating an account, you indicate your agreement with the terms and policies outlined in the above-mentioned documents. Please ensure that you fully understand and accept these documents before proceeding.

To better verify your identity, we will conduct electronic identity verification and authentication. In the final step, please enter the full name of the account holder for confirmation (ensure that this name matches the name on the official identification document).

Then, click "Submit" to proceed.

Upon successful submission of your KYB, you will receive a notification message confirming the submission. Once your KYB verification is completed and approved, you will receive a notification message.