What documents and information are required for KYB?
The exact list of documents for each entity depends on the jurisdiction in which it is registered, the legal form and the internal structure of the business. The general idea is that the documents should allow us to: (1) make sure that the legal entity exists and is in a good standing, (2) see who its managers and beneficial owners are, and (3) verify if the person creating an account for the company is authorized to do so.
Let us give you a quick overview of the documents that may be required for your registration. Please note that the list of documents is approximate and can be modified by the compliance team.
1. Documents confirming the legal existence of a legal entity (please upload at least two):
- certificate of good standing;
- statutes/ memorandum of association/ articles of the company;
- excerpt from the state company registry;
- certificate of incumbency; or
- trust agreement.
2. Documents identifying the managers and the ultimate beneficial owners (UBOs) of the company:
- shareholder registry;
- director registry; or
- another similar document.
If the structure has several corporate layers, e.g. intermediary holding companies, the applicant will be asked to provide the relevant documents in respect of each company.
3. Documents confirming your authority to represent the applicant:
- power of attorney;
- appointment as a director of the applicant company; or
- another similar document.
4. Identification documents:
- ID copies of the UBOs of the company (if any) for uploading on the Platform; and
- Original ID of the applicant (the representative of the company) for passing a full-scale KYC.
Below you can find a step-by-step guide describing the main stages of the KYB process. We hope it helps you go through the procedure as quickly and simply as possible!
STEP 1. Identity verification
The authorized representative of the company shall go to the KYC page and select “Legal entity” to proceed with the identification process.
As the person begins the registration process on behalf of a legal entity, he/she is asked to confirm that he/she is at least 18 years old, is authorized to represent the legal entity and that the legal entity is not incorporated and not a resident of the restricted countries listed on VNX Commodities’ website.
STEP 2. Information about the company
Fill in information about the company (company name, registration number, country of incorporation, legal address and the tax ID).
If the UBOs of the company are not identifiable (public сompany, сomplex trust structures, etc.) please tick the respective box.
STEP 3. Information about Ultimate Beneficial Owners
You will be asked to provide information about the individuals who are considered to be the ultimate beneficial owners (for example, if they own at least 25% of the company). Press “Add participant” to save the profile of each participant.
You can add several participants (individuals or corporations) one by one.
If the UBOs of the company are not identifiable, the physical person who holds the senior manager position is presumed to be the UBO. In this case the KYC check for the UBO has to be completed by the senior manager.
The beneficial ownership section ends with the identity verification: the applicant will be asked to upload an ID of each beneficial owner. If the applicant prefers to provide the documents later, he/she can do so by saving the link to the identity verification page.
STEP 4. Information about the representative of the company
The person creating the account in the name of a legal entity is asked to indicate the name of the representative for KYC verification.
If the person creating the account is the representative, he/she will put his/her details and continue KYC process.
If the person creating the account indicates someone else as representative, this representative will receive by email a link with an invitation to pass KYC and finalize the process of registration.
In the course of the KYC verification the representative will be required to present his/her original ID in front of the camera of the device, fill in a short questionnaire and take a selfie. If the representative prefers to pass KYC later, he/she can do so by saving the link to the identity verification page.
STEP 5. Fill in KYC Questionnaire for the Applicant Company
Fill in a questionnaire describing the business activity of the company, indicating the purpose of opening an account on the Platform and the expected volume of transactions.
STEP 6. Check and submit
Check and make sure that all the data is true and valid. At this stage you can also edit information if needed. You can submit your application using the “Next” button.
The review usually takes up to 3 business days depending on the complexity of the corporate structure. The status of your account will change once the review is completed. You will also receive a notification about the change of the KYB procedure status on your email.
If you have any questions during the KYB procedure, you may contact our support team via chat on VNX Commodities Platform.
Once the online KYB is successfully passed, the compliance team will contact you and ask to provide copies of corporate documents for the company (e.g. extract from the legal register, statutes, certificate of good standing, shareholder register, management structure, a document confirming your authority to act on behalf of the company etc.). You will be asked to confirm beneficial ownership of the company by signing a form which will be sent to you by the compliance team.
Start KYB now.