Preparing your business for account review: what providers ask, and why

When a business opens an account with a payments or crypto-asset provider, it goes through checks known as know-your-business, or KYB. They do not stop at onboarding. Providers review business accounts from time to time and when something changes. For a business that works with digital assets, these reviews can feel intrusive. Knowing what is being asked, and why, makes them much easier.

Why providers ask

Payment and crypto-asset providers have legal duties to understand who they are dealing with. International standards set by the Financial Action Task Force (FATF) expect financial institutions to identify the people who ultimately own or control a company. FATF's March 2023 guidance on beneficial ownership stresses that this information must be adequate, accurate and up to date.

In the EU, the European Banking Authority's guidelines on money laundering and terrorist financing risk factors were extended to crypto-asset service providers in January 2024. They describe how firms should weigh risk according to the customer, the products, the channels used and the countries involved. The guidelines also cover banks and payment firms whose customers work with crypto-assets.

Questions about your business are therefore not a sign that you are under suspicion. They are how a provider meets its own obligations.

What you will usually be asked for

About the company

• Registration documents and proof of registered address.
• What the business does, in plain words, and where it operates.
• Any licences or registrations it holds, for example for crypto-asset services.

About the people

• The individuals who ultimately own the business, through every layer of ownership.
• The individuals who control it, including directors and anyone with control through other arrangements.
• Identity documents for the people who will use the account.

About the money

• Where the funds you will deposit come from, and for businesses that hold digital assets, how they were acquired.
• Who you expect to receive money from and pay money to, in which countries and currencies.
• Expected monthly volumes and typical transaction sizes.

How to make reviews smoother

1. Draw your ownership chart. A simple diagram showing every company and person in the chain, with percentages and control rights, saves several rounds of questions.
2. Explain your crypto activity clearly. Say which assets, which networks, which counterparties and why. If you hold your own licence or registration, say where.
3. Keep your records in order. Invoices, contracts and wallet records that match your transactions answer most follow-up questions.
4. Tell your provider about changes early. New owners, directors, products, markets or a big change in volume all affect your risk profile. Reporting them yourself is better than having them discovered.
5. Answer what is asked, completely. Partial answers usually lead to more questions.
6. Ask what is needed and why. A good provider will explain the purpose of a request.

What reviews do not mean

A review is a normal part of holding a business account. No provider, including us, can promise that an account will never be reviewed, restricted or closed. Transparent information is the best way to keep reviews short.

Business accounts at NovaPayx

Approved businesses can receive money in their own name, hold supported currency and stablecoin balances, convert between them with the rate and fee shown before confirming, and withdraw to their own bank accounts and wallets. Receiving payments from customers and paying suppliers or other third parties is available only to approved businesses outside the EU, after a separate review, and is not guaranteed. For businesses in the EU/EEA, this is not available yet. Each application is reviewed on its own merits.

Next steps

• Open an account
• Accounts · Business · Security · Risk information
• Questions: Contact support