KYB checklist
The KYB document checklist.
Every document you need to verify a business before you onboard it: identity, ownership, financial, and operational. Built from what payment processors and fintechs actually request.
Business identity & registration
Proof the business legally exists and is in good standing.
- Certificate of incorporation or articles of organization
- EIN confirmation letter (IRS CP-575 or 147C)
- Certificate of good standing from the state of registration
- DBA / fictitious name registration, if operating under a trade name
- Operating agreement or corporate bylaws
Ownership & control
Who ultimately owns and controls the business. Required under the FinCEN CDD rule.
- Ownership chart or cap table identifying every ultimate beneficial owner (UBO) with 25%+ ownership
- Government-issued photo ID for each UBO
- Government-issued photo ID for one control person (CEO, CFO, managing member)
- Proof of address for UBOs, where the program requires it
Financial
Where settlement goes and whether the numbers hold up.
- Bank account verification: voided check or bank letter
- Recent business bank statements (typically 1–3 months)
- Prior processing statements, for merchants switching processors
- Financial statements, for high-volume or higher-risk merchants
Operational
The business does what it says, where it says.
- Proof of business address (utility bill, lease, or bank statement)
- W-9 (or W-8BEN-E for foreign entities)
- Applicable licenses: money transmitter, MSB registration, or industry-specific
- Website review for card-not-present merchants: clear product description, pricing, refund policy, and privacy policy
Requirements vary by institution, risk level, and jurisdiction. This is the common core, not legal or compliance advice.
Why deals stall
The checklist isn't the hard part. Collecting it is.
The checklist lives in an email
The client can't see what's outstanding, so they send what they remember. Three documents arrive, two are missing, one is the wrong year.
Versions multiply
“W-9 (resend, final, v3).pdf” in one thread, the signed page in another. Nobody is sure which file the reviewer actually approved.
No one owns the chase
Sales thinks compliance is waiting on the client. Compliance thinks sales is. The deal sits for a week before anyone follows up.
DocVault turns this checklist into a secure room: the client gets one link, your team gets one queue to review and approve, and every action lands in an audit log. You don't have to rebuild the list yourself, either. 47 of the most commonly requested KYB documents come built in, and DocVault learns which documents your team uses most and suggests them as you build each room.
FAQ
KYB, explained.
What is KYB, and how is it different from KYC?
KYB (Know Your Business) is the verification of a business entity: its registration, ownership, and legitimacy. KYC (Know Your Customer) verifies an individual. KYB includes a KYC step, because you must identify the humans who own and control the business (the UBOs).
Who is required to perform KYB?
In the US, banks and financial institutions must verify beneficial ownership under FinCEN's Customer Due Diligence (CDD) rule. Payment processors, payfacs, and ISOs inherit KYB obligations through their sponsor banks and card network rules. Many fintechs, lenders, and marketplaces run KYB as part of their own risk and compliance programs.
What is a UBO?
An ultimate beneficial owner: any individual who directly or indirectly owns 25% or more of the business. Most programs also require identifying one control person, such as the CEO or CFO, even if no one crosses the 25% threshold.
How long does KYB take?
Manual KYB typically takes 3–7 days, most of it spent waiting on documents and chasing email threads. With a defined checklist and a single collection point, document collection can compress to under 24 hours.
Is this checklist the same for every business?
No. Requirements vary by institution, program, risk level, and jurisdiction. Treat this as the common core: your sponsor bank or compliance program may require more (or accept less) for a given merchant.