What is KYB verification and do I need it?
KYB stands for Know Your Business. It's the business-level equivalent of KYC — a standard compliance check required for all business payment accounts under EU regulation.
Do I need KYB?
|
Account type |
KYB required? |
|---|---|
|
Personal |
No |
|
Freelancer |
No |
|
Sole Trader |
Yes |
|
Company |
Yes |
If you're opening a Freelancer account, KYC (identity verification) is all you need. KYB is only required for Sole Trader and Company accounts.
What does KYB involve?
- Uploading your business registration documents
- Confirming the identity of all beneficial owners (UBOs)
- Screening beneficial owners (UBOs) against sanctions lists
- Providing proof of your registered business address
The exact documents required depend on your business type and country.
Related: What company documents do I need to activate my Juuli Business account?
Why is KYB required?
As a regulated payment platform, Juuli is legally required to verify the legitimacy of every business it onboards. This is a standard AML (anti-money laundering) requirement across all regulated payment institutions in the EU/EEA.
Part of KYB is screening beneficial owners against sanctions. We cannot onboard a business where a beneficial owner (UBO) is connected to a sanctioned jurisdiction — Cuba, Iran, North Korea, Syria, and the Crimea, Donetsk and Luhansk regions — regardless of where the company is registered. Juuli does not provide any service at all in those sanctioned jurisdictions.
How long does KYB take?
Most KYB reviews are completed within 1–3 business days.
Related: How long does Juuli verification take? (KYC & KYB timelines)
Still have questions? Email our support team at support@juuli.com — we'll confirm exactly what's needed for your business type before you start.