What are KYC and KYB for:
The SharPay fintech platform, much like other platforms or services of a similar nature, has the potential to be abused and utilized for unlawful activities. Criminals may try to launder money by using forged documents or those belonging to other people, by posing as employees of companies that don’t exist or are in the process of going out of business. The mere suspicion of involvement in an illicit transaction can damage a company’s image and lead to financial losses. SharPay has adopted unique safeguards in accordance with applicable EU law and global best practices to reduce these and other potential dangers. Some examples of these are KYC and KYB steps.What is the difference between KYC and KYB:
In the field of preventing fraud, KYB is something that is relatively new. Since 2002, companies have been afforded additional protection thanks to KYC regulations. You may probably guess that they are rather comparable to one another. The subject of verification is the one and only significant distinction between the two of them. The traditional method of KYC involves evaluating individuals. In conventional forms of KYB, both the company and the individuals who run it are checked.How can platform users benefit from KYC and KYB:
1. Operating on a platform complying with international standards of control SharPay places an emphasis on adhering to all applicable regulations, statutes, ethical guidelines, and industry, global, and professional benchmarks. By doing so, we ensure that the platform is compliant with all applicable laws and regulations and keep our company’s reputation spotless, making it safe for you to entrust us with the administration of your money. 2. Ensuring users’ utmost safety against untrustworthy partners We are dedicated to establishing safe, trustworthy, and lawful interactions between all of the parties that use the platform. When working remotely (and oftentimes from different countries), it can be pretty challenging to figure out the trustworthiness of a partner on your own. Because the platform takes care of user verification, the KYC and KYB procedures help lower compliance risks for all parties involved. That is why a business merchant account is only opened after KYB is complete. Our mission is to help you begin your journey with established companies and individuals who are not included in any fraudulent or blacklisted global databases. 3. Adhering to regulations and limitations across various countries Any activity that takes place on a global scale carries the risk of limitations, prohibitions, and sanctions imposed by other countries. For this reason, before we cooperate with you, we may ask you for more extensive information about your company and plans in order to assist you and others in conducting business in a manner that is compliant with applicable local regulations. 4. Operating across the globe The majority of business partners from overseas, in particular, international financial institutions, payment platforms, and banks, are increasingly selective about the organizations and companies they will do business with because of concerns about money laundering and the financing of terrorism. As the degree of compliance increases, so does the level of trust among all parties involved in the process. This translates to a greater array of possibilities for global fund withdrawals and the introduction of new services for users. 5. Increased withdrawal limits Higher withdrawal limits are one additional perk that comes with implementing KYC, while unverified customers are only allowed to withdraw a certain amount each year. 6. We improve and become more user-friendly. KYC and KYB procedures enable us to tailor our services to your specific requirements, line of business, and priorities.Is your information safe and secure:
For the Know Your Customer and Know Your Business procedures, we need only the minimum information necessary. This information, along with any other user information in SharPay, is shielded from unauthorized access by SharPay’s robust set of technical and organizational safeguards.KYC and KYB are not one check performed twice
They answer different questions, and mixing them up is why onboarding drags.
KYC looks at a person. Identity document, address, and a liveness check that the document belongs to whoever is holding it.
KYB looks at a company. Legal existence, who controls it, and whether the stated activity matches reality. The hard part is ownership: every beneficial owner above 25 % must be identified, and each of them then goes through KYC personally.
So a three-layer holding structure does not mean three documents. It means tracing each layer until real people appear at the end.
Screening never stops at onboarding
This is the part most guides skip. Verification is not a gate you pass once.
- Sanctions and PEP lists are re-checked continuously, because the lists change, not because you did.
- Periodic review happens on a risk-based schedule — annually for higher-risk profiles, less often for the rest.
- Event-driven review triggers on a change of director, a change of owner, a new market, or a sudden jump in volume.
That last trigger surprises people. Growing three times in a month is good news for you and an alert for the compliance team. Warn your provider before the campaign, not after the alert.