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What exactly is KYB?
What does KYB mean Know Your Business. It's like the KYC (Know Your Customer), but applied to professionals and legal entities rather than to individuals.
Concretely, before being able to receive your funds, our payment partner Mangopay must verify that your business really exists, that it is legally registered, and that the person who manages the account is authorized to do so. This is called KYC/KYB verification.
It is a regulatory obligation that applies to all payment institutions in Europe.
Why is Mangopay asking you for these documents
Mangopay is a licensed electronic money institution, which means that it is supervised by banking authorities and subject to the same anti-money laundering and terrorist financing (AML/CFT) rules as any bank. Sora relies on Mangopay to manage payments between you and your customers securely, and this security requires identity verification.
There are three good reasons for this requirement:
Regulatory compliance. The law requires any actor who manipulates money on behalf of third parties to know precisely who their users are.
The fight against fraud. By verifying the identity and legal existence of each company, we drastically reduce the risks of identity theft, false accounts or money laundering. It is a protection for you, as it is for Sora.
Trust between users. A verified account is a trusted account. Your customers know that they are dealing with a real and controlled company, which reassures and facilitates transactions.
What are we going to ask you?
Depending on your status, Mangopay may ask you for the following documents:
- A proof of identity of the legal representative: valid identity card, passport, residence permit or driving license.
- A proof of registration from your company: Kbis extract or equivalent, less than three months old.
- The statutes of your company : up to date, signed, and reflecting the current governance structure.
- A declaration of the beneficial owners if the information is not clearly shown in your official documents (a form provided by Mangopay).
How does it happen, step by step
- You enter your business information into your Sora App account.
- You send the requested documents directly from your space.
- Mangopay analyzes your documents and checks their consistency with the declared information.
- You receive an answer: validated, or, in case of refusal, a person from the Sora team accompanies you until validation.
Once your KYB has been validated, your account is unlocked and you will be able to receive your funds related to your sub-occupation. You also gain credibility with your customers and partners, who see that your activity is verified and secure.
👉 Go to your Sora App to start your verification!
