KYB Process Overview | Anchor Help Center

When signing up with Anchor, verifying your business through Know Your Business (KYB) is essential for compliance with regulatory requirements. This process involves two key steps: collecting business information and information about the people associated with the business, and verifying the accuracy of that information.

Usually, the details you provide upfront are enough to verify your account. However, for higher transaction volumes or additional regulatory checks, we may need more information to complete the process and confirm your identity.

We use Persona to securely collect and verify your information, ensuring everything meets international standards so payments can be processed smoothly. Learn more here.

What Information Is Required?

The KYB process involves two key parts:

1. Business Details: This includes key information like your legal name, business address, Tax ID or EIN, business type, and proof of business registration, along with other relevant details needed for verification.

Please note 💡

Proof of business registration requires one of the following documents: either a 147C or SS-4 form.
Please ensure that the business name and EIN you enter in the Business Details screen match exactly what is shown on the provided document. This will help avoid any delays in the verification process.
When you reach this step, make sure to first select the type of document you're uploading and then upload the corresponding file. For example, if you plan to upload an SS-4, ensure you select "SS-4" as the document type before uploading.

2. Individuals Associated with the Business: We’ll also verify individuals with significant control or ownership by collecting their legal name, date of birth, contact information, and identification documents.

Any additional owners with more than 25% ownership will also need to provide their information.

If the KYB process isn’t completed, transactions might be delayed. Completing it quickly ensures uninterrupted use of the platform.

FAQs

What proof of registration documents are required?

Only one proof of registration document is needed. Acceptable documents include either an SS-4 or 147C form.

I have an EIN but I’m missing the required documents. What can I do?

You can request a Letter 147C by calling the IRS Business & Specialty Tax Line toll-free at 1-800-829-4933.

I'm a sole proprietor and don’t have an EIN just yet—can I use an SSN instead?

Yes. Simply select sole proprietor under Business Type to enter SSN.

What should I check if my document upload fails?

Ensure the business name and EIN on the document match the details you’ve entered in the system.
Upload a clear copy of an IRS-issued document (e.g., SS-4 or 147C).
Verify that all required fields are filled out before attempting to upload the document again.

What should I do if my business is a DBA and I don’t have the required documents?

A DBA (Doing Business As) lets you operate under a different name, but your business information must still match what’s on record with the IRS.

In the first step of the KYB process, you can enter your DBA name (e.g., Books & Keeper). For the rest, use your legal business name (e.g., Dani Amitay Books & Keeper LLC) as it’s registered with the IRS. Make sure to enter all other business details as recorded by the IRS.

If you have an EIN, you can request a 147C or SS-4 form. If you don’t have these documents, call the IRS Business & Specialty Tax Line toll-free at 1-800-829-4933 to request a Letter 147C.

What if I don’t have a website?

You can provide a social media profile instead. Just include the full URL where you promote your business (e.g., facebook.com/profile/yourbusiness). If you don’t have a business page, you can use your personal profile (e.g., https://www.facebook.com/firstname.lastname/).