15x faster merchant verification

Business verification is the process of confirming the legitimacy of a company and its ownership structure to ensure compliance with regulatory requirements. It involves conducting due diligence to verify business registration details, ownership, and operational activities while screening for any involvement in financial crimes.

Business verification requires key documents to confirm a company’s legitimacy and compliance. Typically, these include incorporation documents to prove legal existence, business licenses to confirm authorisation to operate, and financial statements to assess stability. Proof of business address is also required to verify the company's physical location. Identification documents for key executives and beneficial owners are increasingly needed to meet AML regulations that look to ensure transparency around business ownership.

Beneficial Ownership (BO) refers to the individuals who own, control, or benefit from a company, even if their names do not appear in official records. These individuals may hold ownership directly or indirectly through layers of entities, trusts, or other structures. Identifying beneficial owners is crucial for regulatory compliance, as it helps prevent money laundering, fraud, and financial crime by ensuring transparency in corporate structures.

With our business document verification system, you can cross-reference business addresses and registrations.