Stages of Verification

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:

• Initially, you'll provide basic personal and contact details. This foundational step establishes your identity and sets up a clear line of communication.

• 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.

• 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.

• The final category pertains to the company's ownership structure. 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.

This process ensures that all necessary legal requirements are met while also providing a convenient experience for the user, who can complete all steps online, including on a mobile device.