KYC & KYB Requirements

SpherePay requires customers to complete onboarding to meet regulatory obligations and maintain secure operations. Below are the core requirements for both KYC and KYB.

Know Your Customer (KYC)

SpherePay's KYC process ensures we verify your identity accurately and securely. To complete KYC, customers are required to provide the following:

• Identity Verification: Valid government-issued identification (passport, ID card, or driver's license). For more information on the types of identification documents, please refer to the Individual Verification Criteria guide.
• Contact Verification: Email and phone number verification.
• Questionnaire: A list of questions to confirm your identity details and compliance purposes.
• Liveness Verification: A video verification to ensure the registered identity is a real person.

Once all required information is submitted and verified, the KYC process typically completes within a few minutes.

Know Your Business (KYB)

The KYB process applies to business customers and verifies both the business entity and its Ultimate Beneficial Owners (UBOs). Additional documentation is required as part of this process.

Essential Information Required:

• Company Name
• Registration Number
• Country of Registration
• Entity Type (e.g., LLC, corporation, partnership)
• Legal Address

Documents Required:

• Certificate of Incorporation/Registration
• Shareholder Registry
• Director Registry
• Proof of Address

Important Notes

• Verification Timeline:

  • With all necessary documents ready, KYC/KYB can be completed in a matter of minutes. We recommend initiating this process early to avoid delays.

• Common Issues:

  • Ensure the names provided during registration exactly match your official documents to prevent delays or rejections.

• Security & Compliance:

  • SpherePay partners with Sumsub, a leading compliance and security provider, to ensure rigorous and secure verification processes.

Status Updates & Notifications

SpherePay keeps you informed about your onboarding status through:

• Dashboard updates
• Customer API response (if integrated)
• Webhook events (if integrated)