Purpose: To verify the legitimacy, structure, and operational integrity of all businesses using MbiyoPay, ensuring compliance with global AML/CFT regulations and maintaining a secure payment ecosystem.
1. Application & Initial Screening
- Online Application Form: Business submits the onboarding request via the MbiyoPay Business portal.
- Preliminary Compliance Screening: Company name and directors screened against global sanctions lists, watchlists, and adverse media databases.
2. Required Company Documentation
For Corporate Entities (Companies, Ltd, LLC, etc.):
- Certificate of Incorporation or Business Registration Certificate.
- Company Extract / Registration Number (issued by the corporate registry).
- Memorandum & Articles of Association (or equivalent governing documents).
- Company Structure Chart showing ownership layers.
- Document listing Directors & Ultimate Beneficial Owners (UBOs) holding ≥25% shares.
- Proof of Business Address (utility bill, bank statement, lease agreement, ≤3 months old).
- Source of Funds Evidence:
- Latest audited or unaudited financial statements; OR
- Last 3 months of company bank statements.
For Each Ultimate Beneficial Owner (UBO) and Director:
- Valid Government-issued Photo ID (passport, national ID, or driving licence).
- Proof of Residential Address (utility bill or bank statement ≤3 months old).
3. Verification & Risk Assessment
- Document Authentication: Using manual and automated tools to confirm authenticity.
- Identity Verification: Facial recognition and ID matching for directors and UBOs.
- Risk Scoring:
- Jurisdiction risk (country of incorporation and operations).
- Industry risk (high-risk sectors flagged for enhanced due diligence).
- Transaction profile risk (expected monthly volumes and settlement methods).
4. Compliance Approval
- Low and medium-risk entities: Approval within 3–5 business days.
- High-risk entities: Escalated to Enhanced Due Diligence (EDD) with possible request for additional documents or interviews.
5. Continuous Monitoring
- Ongoing Transaction Monitoring for unusual activity.
- Annual KYB Review to keep documentation and company data up to date.
- Trigger Reviews if changes occur in company ownership, directors, or jurisdiction.
✅ Why This Matters:
A robust KYB protects MbiyoPay, its partners, and the global financial system from fraud, money laundering, and other illicit activities — while ensuring smooth onboarding for legitimate businesses.
