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Account activation requirements

Mar 27, 2024

Koverly customers are responsible for conducting a KYC/KYB processes for entity identity verification. This must be completed to activate a Koverly account and before any bank accounts, loans, or transfers can be created.

These procedures involve necessary actions to comply with financial regulations and prevent money laundering, terrorism financing, and other illegal corruption schemes.

Here's what we expect of our customers at a minimum. Certain use cases may necessitate additional items.

  • Banking details
    • Provide last 3 bank statements for all business related accounts
    • or Securely connect your bank via Plaid
  • Business details
    • Business address, phone and email
    • Business EIN
    • Industry type and business type
    • Business website (recommended)
  • Leadership/ownership details
    • Full name
    • Personal address and phone number
    • Date of birth
    • Social Security number (U.S. Citizens)
    • Nationality, passport number and passport image (Non-U.S. Citizens)

* This information must be provided for every individual who owns 25% or more of the business. If no individual owns 25% or more of the business, this information must be provided for a member of the executive team.

Koverly will conduct KYB checks based on information we ask that you provide. We will also conduct periodic due diligence based on agreed upon compliance policies.

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