> ## Documentation Index
> Fetch the complete documentation index at: https://developer.tazapay.com/llms.txt
> Use this file to discover all available pages before exploring further.

# KYB Overview

KYB helps Tazapay understand more about your business.

Know Your Business (KYB) is an integral part of the onboarding process before any merchant can fully utilise Tazapay's services.

KYB is an identity verification regulatory requirement that all financial service providers need to fulfil in order to prevent money laundering to take place in their payments ecosystem. As a payments platform, Tazapay would need to have identity verification of all owners and beneficiaries of a business that have a more than 25% stake in the company.

<Callout icon="📘" theme="info">
  To learn more about why KYB is required, feel free to check out our <a href="https://support.tazapay.com/why-is-it-important-to-complete-my-kyc-kyb-process" target="_blank">FAQ</a>.
</Callout>

You will be prompted to complete your KYB as soon as you create an account (or add a business) on Tazapay.

<Image align="center" border={true} src="https://files.readme.io/7e80f90-Screenshot_2023-08-14_at_4.47.35_PM.png" className="border" />

<AccordionGroup>
  <Accordion title="For a business entity, we require">
    * Business Name
    * Country
    * Address Proof
    * Incorporation Document
    * Details of Representatives, Directors and Ultimate beneficial owners (UBOs)
  </Accordion>

  <Accordion title="For Representatives/Owners (>25% shareholding) of a business entity, we require">
    * First Name
    * Last Name
    * Role in the business
    * Residence Country
    * Proof of Identity
    * Proof of Address
    * Ownership percent in the business
  </Accordion>
</AccordionGroup>

> For businesses where no-one owns more than 25% of the company, please upload a signed declaration that no-one owns more than 25% of the company.

## KYB States

The following flowchart details all possible states a KYB application can transition through

<Image align="center" border={true} src="https://files.readme.io/fba79db-image.png" className="border" />

| State     | Description                                                                           |
| --------- | ------------------------------------------------------------------------------------- |
| initiated | The KYB application has been initiated. Changes can still be made to the application. |
| submitted | The KYB application has been submitted and picked up for verification by Tazapay.     |
| pending   | Additional documents required to be submitted or queries to be answered.              |
| approved  | KYB application has been successfully verified                                        |
| rejected  | KYB application has been rejected.                                                    |