KYB

"Know Your Business" (KYB) is a standard used to confirm a company's legal status and compliance with regulations such as anti-money laundering.

Required Documents for Deal Shaker Business Certification (KYB)

At Deal Shaker, we aim to keep the highest quality and reliability. That's why Know Your Business (KYB) is mandatory to ensure that only trusted merchants can offer their products through our e-commerce platform. This is to assure users that each merchant and its goods meet all legal requirements and have the necessary permits and certificates to provide the relevant goods and services. When creating or editing a business account, merchants must upload the following required documents:

Required Documents

Personal Verification Documents

A copy of your personal ID card, driver's license, or passport (scanned front and back).
In the case of a corporation, personal verification of the representative is required.

Address Verification Documents

Proof of address – If it is different from your ID or business license, you will need a utility bill, bank statement, or government-issued document.
In the case of a Japan corporation, all matters can be proved by submitting a certificate of matters.

Permits

Copy of Business License – Mandatory for individuals, self-employed and businesses from China. You will also need to upload a screenshot of your business license from the Chinese government website to show its validity. For countries like New Zealand that don't require a business license, merchants will need to provide things like tax and VAT numbers.

PAN Card Number (For India only)

It is mandatory for all merchants in India.
PAN stands for "Permanent Account Number" and is an Indian tax identification number. It is a unique identification number of 10 digits. This number is valid for life and is detailed on a plastic card issued by the tax authorities. PAN is mainly used for income tax returns and financial transactions.

Alcohol and wine sales permits

A permit is required to sell alcoholic beverages.
Merchants in China are required to fill in "Pre-packaged food" as "business scope".

Other Service-Related Certificates

Specific permits may be required depending on the registration aggregation.
Examples: building licenses, acupuncture, medical or dental services, cosmetic procedures, health massages, etc.

agency

If you are an agency, you will need to submit a notarized authorization document for dropshipping, sale of branded goods.
The information entered by the merchant when creating or editing a business account must match the documents provided (e.g., store name, address, registration number, etc.).

We recommend that all merchants delete or edit business accounts that have been registered in the past with incomplete information and no documentation provided. Merchants will need to review and update their business account information for all stores they have registered with in the past. The KYB (Know Your Business) verification process helps prevent fraud and build trust in the business and the platform itself. By meeting the KYB requirements with a responsible attitude as a merchant, we can guarantee the highest quality and trust of the goods and services offered on the Deal Shaker platform.

What is KYB?

Know Your Business (KYB) is the process by which a company collects and verifies detailed information about its business partners before transacting with other business entities. It is used as part of anti-money laundering (AML) regulations, as well as to manage business risk and prevent fraud. KYB is especially important for financial institutions and companies that need to strictly comply with legal requirements.
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The main purpose of KYB

Risk : Reduce the risk of fraud, money laundering, and other financial crimes by understanding the background of your business partners.
Regulatory Compliance : In many countries, companies have a legal obligation to ensure that their counterparties are not at risk of money laundering or terrorist financing. KYB can help you meet this legal requirement.
Transparency of Business Relationships : Knowing the details of your business partners, such as their corporate structure, ownership, and territory of operation, can help you build more transparent and reliable business relationships.

Key Elements of the KYB Process

Collection of corporate identifiers : Verification of basic information such as company name, address, date of incorporation, registration number, etc.
Confirmation of Beneficial Ownership : Find out who the company owners and key decision-makers are, and investigate their background.
Corporate Credit Checks : Investigate a company's credit rating, financial position, and past transaction history.
Confirmation of legality : Check whether the company is operating legally and whether it complies with relevant industry and local regulations.
Monitoring & Evaluation : Ongoing risk management through regular monitoring and assessment, even after the initial investigation.
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KYB is similar to the Know Your Customer (KYC) process, but KYB focuses on corporate customers and business partners. In an increasingly stringent global regulatory environment, KYB is a core component of a company's risk management strategy.

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