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Know Your Customer (KYC) regulations are mandatory for Kimoby Pay accounts and are used by financial institutions to underwrite accounts. These regulations aim to mitigate risks associated with financial transactions and, in some cases, reduce the risk of money laundering.
In April 2022, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) introduced new regulations requiring Stripe, our payment provider, to register as a money services business in Canada. As a result, KYC requirements have been updated for all existing and future Canadian Kimoby Pay customers. These changes come into effect starting April 2024.
While these changes are straightforward, they involve an automated system for verifying the information provided. It is crucial that all details are entered accurately, as they must match official records (such as the associated business registry) letter for letter.
If the information doesn't match official records, the system will request additional documentation. This may include a business record, personal ID, or, in some cases, a proof of liveness (comprising a personal ID and proof of address). If you're asked for additional information, carefully review the details you've provided, as there's likely a discrepancy preventing a match with official records.
There are three parts to these requirements that you may be asked to provide or update information for. Jump to the part that is relevant to your business:
Company Information
Your company information will be matched against the business registry so the following information must match exactly:
- Company name
- Company address
- Tax ID
In addition, the company phone number, website URL, and product description have to be provided.
Representative Information
The representative is a senior manager or owner of the business that will act as the representative of the account for verification purposes. No liability comes with this position. A good representative is a person who can easily provide their personal information. If their name appears on the business registry as a director, it can also help streamline the process, as their address will be verified against the business registry, as opposed to their personal address.
In all cases, the representative will have to provide:
- Full name, as it appears on their ID (be careful of middle names)
- Date of birth
- Personal address
If any of this information cannot be matched to official records, additional verification in the form of a personal ID or proof of liveness will be asked for. If you see an additional verification, verify if the information provided is correct and matches an official record.
In addition, the representative can be asked for:
- Phone number
- Job title
This information is secondary and does not need to match any record, so if the representative does not want to provide this information, the business information can be used.
In the case where the representative is not available, not involved with the business anymore, or does not want to carry out a mandatory ID check or proof of liveness or any other personal information, it is possible to change the representative for another individual that is a better match to the above requirements.
Directors’ list
The complete directors list needs to be provided. This information can be found on your company profile or any business registry document. For each individual director, you have to provide:
- Full name, as it appears on the business registry (be careful of middle names)
- Email address
If the email address of the director is not available, it can be replaced by the email address of any senior employee of the business.