Businesses - KYB
Standard KYB Requirements
Company Information
Country
Company name
Registration number
Company registration address
Company operations address
Type of entity
Date of registration
Website
Company email
Tax ID
Documents
Company details
Accepted document types:
Statement of information
Excerpt from a state company registry
Articles and memorandum of association
Incorporation certificate
Certificate of incumbency
Certificate of good standing
Ownership Structure
Accepted document types:
Shareholder registry
Statement of information
Trust agreement
Excerpt from a state company registry
The document must list all shareholders with their ownership percentages (totaling 100%), be dated within the last 12 months, and signed by a director unless publicly available.
KYC checks: Each UBO with 25%+ ownership and all company directors must complete KYC (Proof of ID + Proof of Address) and be individually approved before onboarding. If there is no UBO who owns 25%+, all UBOs with 10%+ ownership must be verified.
KYB checks: Apply to all legal entities in the ownership chain. For each additional entity, the same information is required unless ownership can be verified through open sources.
Control and Management Structure
Accepted document types (any that contains information about appointed directors):
Director registry
Trust agreement
Statement of information
Excerpt from a state company registry
Associated Parties
UBO (Ultimate Beneficial Owner)
Always a natural person. Direct or indirect ownership above 25% (or 10% in high-risk cases).
Director
Individual(s) formally appointed as director(s).
Representative
Authorized individual acting on behalf of the company.
Shareholder
Direct ownership above 25%; always a legal entity.
Example: Business Customer → owned by Company A → John Smith owns Company A → Company A is Shareholder, John Smith is UBO.
Required Information by Party Type
UBO (Individual)
First name
Last name
Middle name
Date of birth
Email
Contact number
Nationality
Percentage of ownership
SSN (Social Security Number) for US citizens and US residents
Address details
Proof of Address (not older than 90 days)
Liveness check may be required in high-risk cases, or if also a director
Director / Representative
First name
Last name
Middle name
Date of birth
Email
Contact number
Nationality
SSN (Social Security Number) for US citizens and US residents
Address details
Proof of Address (not older than 90 days)
Liveness check
Shareholder (Business)
Country
Company name
Registration number
Certificate of incorporation
Shareholder Registry or Register of Members or Excerpt from state companies registry (if it contains ownership data)
Identity Verification / Liveness Check
For business customers, there are typically 2–3 types of people to identify, depending on whether an authorized representative is appointed:
Director(s)
ID collection + liveness check
UBO(s)
ID collection (liveness check may be required in high-risk cases, or if also a director)
Authorized Representative
ID collection + liveness check + power of attorney signed by the company's director
Enhanced KYB Due Diligence
Business customer risk is defined through a customer risk rating process, calculating the risk score based on different factors: geography, industry, use of product, expected activities, legal form, etc.
KYB Information
Standard KYB
UBO Information
Individuals holding 10%+ ownership
Source of Wealth
Financial document outlining the corporate entity's ability to continue business
Appendix
Prohibited Industries
The following business activities are prohibited from using Iron's services to ensure alignment with regulatory expectations and our risk appetite.
Adult entertainment and dating services (dating apps, matchmaking sites, coaching/advice providers)
Sexual services (anything which implies sex as a service)
Marijuana/Cannabis/CBD industry (including cannabis paraphernalia)
Production or trade in tobacco (cigarettes, cigars, e-cigarettes, vapes, vape liquids) - vape hardware not included
Production or trade in weapons and munitions, including explosives and nuclear weapons
Arms/Defense/Military
Private military/Security contractors
Car dealers
Antique brokers
Jewellery or watch dealers
Precious metal and/or gem dealers
Pre-paid cards
Religious organizations
Multi-Level Marketing (MLM) structures
Financial pyramid or Ponzi schemes, matrix programs, and other similar schemes
Unlicensed Forex/Binary Options
Donations/Charities/Societies/Non-profit organizations
Drugs, as well as chemicals used to manufacture synthetic drugs
Commercial activity which infringes on copyrighted material
Alternative medicines (e.g. homeopathy)
Financial services (loan lenders, payday loans companies, debt/credit consolidation companies, debt collection agencies)
Business Ownership and Constitutional Documents
All businesses must provide clear, official documentation that reliably verifies their complete ownership structure, ultimate beneficial owners (UBOs), controlling individuals, and confirms the existence and ongoing operations of the legal entity.
If the entity does not have individual beneficial shareholders, we will need to confirm the individuals who significantly control the entity instead, such as its directors and officers.
Required Documentation per Entity Type
Sole Proprietorships
Official sole proprietorship license or registration document clearly naming the sole proprietor and confirming active operation
Recent tax filings or official government-issued documents linking the proprietor to business operations
Partnerships (General, Limited, LLP)
Partnership agreements officially certified or notarized, detailing partners and ownership shares
Officially issued partnership registration certificates clearly listing partners and their shares
LLCs and Corporations
Articles of Incorporation or Articles of Organization issued by the official business registry, clearly listing shareholders/members
Official shareholder/membership register or certified extracts from commercial registries clearly indicating owners and ownership percentages
Share certificates officially verified or notarized
Recent audited financial statements (for publicly traded or regulated entities), confirming the company’s operations and ownership
Cooperatives
Official formation documents clearly identifying cooperative members
Independently certified membership ledgers or agreements clearly indicating members and voting rights
DAOs (Decentralized Autonomous Organizations)
Official governance documents or independently audited membership agreements clearly outlining membership, control mechanisms, and operational status
Nonprofit Organizations
Official formation documents (e.g., Articles of Incorporation) clearly listing controlling individuals (e.g., directors or board members)
Government-issued or officially filed annual reports or governance documents confirming ongoing operations and key individuals
Trusts
Official trust deed or certificate clearly identifying trustees, settlors, protectors (if applicable), and beneficiaries
Notarized trustee affidavit clearly verifying trustee identity, roles, and authorities
Document Verification Standards
All provided documents must be issued by an official governmental authority and, where applicable, certified by a notary public, lawyer, auditor, or similar independent professional, with Apostille certification where applicable.
General Standards
Must be officially issued by governmental authorities
Must be verifiable online through an official registry or database (if not possible, must be independently certified)
Apostille certification or equivalent legalization required where applicable
Self-generated or internally-produced documents are NOT acceptable
Must clearly display the full legal name and registration code of the business entity
If ownership structure involves more than two layers, a clear organizational chart with ownership percentages is required
Must be recent (issued within the past three months)
Documents not in English must include certified translations
Documents must clearly confirm:
The legal existence of the entity
Its current operational status
Clear identification of ultimate beneficial owners, controlling individuals, and precise ownership percentages
Unacceptable Documents
Self-generated, internal, unsigned, or informal documents
Simple printouts, screenshots, or unofficial emails
Internally prepared capitalization tables (unless provided by reputable equity management services)
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