The KYC/KYB process at Finofo is a structured, efficient set of procedures aimed at verifying customer and business identities, critical for maintaining legal and security standards. The process is divided into four distinct steps:
Simple Contact and Personal Details
Initially, you'll provide basic personal and contact details. This foundational step establishes your identity and sets up a clear line of communication.
Business Details
Next, the process delves deeper into your business specifics—its operations, industry, and other pertinent details. This step is designed to give Finofo a comprehensive understanding of the business context and activities.
Leadership Details
The focus then shifts to the leadership team. Information is gathered about the company's key figures, especially those in positions of authority like directors and primary decision-makers. This is to ensure that those with substantial control over the company are properly identified.
Ownership Structure
The final category pertains to the company's ownership structure.
💡 Important: It's particularly important to identify any major stakeholders, defined as individuals holding at least a 25% share of the company, as this information is crucial for compliance and regulatory purposes.
The ID verification segment of the process is straightforward and digital-friendly. It involves:
Access Verification Section:
Logging into your Finofo account and accessing the ID verification section, a step that's easily done from a mobile phone.
Upload ID Documents:
Utilizing your phone's camera to snap and upload a clear image of your ID document, be it a passport or driver's license.
Verification via Plaid:
Finofo uses Plaid for secure and swift ID verification. By following the on-screen prompts, you can submit your ID for verification.
Opening an account with Finofo is structured to be both convenient and secure, tailored to meet the needs of businesses. The process begins with any company team member entering the preliminary data. For the completion and finalization of the setup, it's required that the individual be a significant figure within the company—specifically, a director or a majority shareholder with at least a 25% stake.
Next Steps 📂
Finofo supports this process by providing detailed, step-by-step instructions via email, allowing the authorized person to complete the setup entirely online. This streamlined approach not only adheres to compliance standards but also aligns with Finofo's dedication to offering an intuitive and hassle-free setup experience, reaffirming our promise of delivering accessible and compliant financial services.