KYB Verification

How businesses complete KYB (Know Your Business) verification on Devdraft, what documentation to prepare, and the compliance standards that determine whether a submission is accepted.

Overview

Business verification (KYB) confirms who owns and operates your business before you can unlock virtual accounts, payment processing, and banking features on Devdraft. The process exists to ensure regulatory compliance, risk mitigation, and security for fund movement. This guide walks through where to start verification, what information and documents are required, the compliance standards your submission needs to meet, and what happens after you submit.

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Where to Access Business Verification

Once you’ve finished registering your account, you can start your KYB process from the Banking section of the app.

The intro screen explains what’s involved before you begin:

A quick business check to unlock accounts and payouts. You’ll provide company details and beneficial owner emails.

What you’ll need:

Item	Notes
A government ID	Passport, driver’s license, national ID, or residence permit
A quick selfie	To match your face to your document
Proof of address	A recent utility bill or bank statement
Business details	Occupation and a supporting document for verification
Time	About 5 minutes — extra questions may apply depending on your country of residence

Your information is encrypted and never shared.

Tap Start verification to begin.

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The Verification Steps

Business verification is completed over several steps. The exact step count and content can vary depending on the business’s country of incorporation and risk profile, but generally covers the following.

1. Company Information

Tell us about your registered business — this should match your official records:

Field	Notes
Legal business name	Required — must match your official registration documents
Formation date	Required
Country of incorporation	Required
Doing business as (DBA)	Optional — your trading or operating name, if different from your legal name
Website	Optional
Tax ID	Required — your official corporate tax identification number

2. Business Address

Where your business is located — use the registered or primary operating address:

Field	Notes
Address line 1	Required
Address line 2	Optional
City	Required
Post code	Required

3. Business Profile

Helps compliance understand how your business operates and how you plan to use the account:

Field	Notes
Account purpose	Required — your operational intent for the account
Business type	Required — your business structure, e.g. Sole Proprietorship, LLC
Business description	Required — a detailed overview of what your business does
Industry	Required — your standard industry classification code, e.g. 458110 — Clothing Retailers
Estimated annual revenue	Required
Source of wealth	Required
Publicly traded company	Toggle on if applicable

4. Company Documents

Upload your formation documents, proof of ownership, and proof of business address:

Document	Required	Notes
Company formation document	Yes	Certificate of Incorporation or Business Registration
Proof of ownership	Yes	Shareholder register or other official ownership documentation
Proof of address type	Yes	Select the type first — options include Utility bill, Bank statement, and Rental agreement
Proof of address file	Yes	Upload matching the type selected above

See Submission Quality & Common Rejection Reasons below before uploading — documents that don’t meet the freshness, authenticity, and format standards will be rejected.

5. Additional Questions (Country-Dependent)

This step only appears for businesses registered in a high-risk country, where compliance needs more detail about funds and transactions:

Field	Required	Notes
Source of funds	Yes	Select from the provided options
Proof of source of funds	Yes	Upload a supporting document
Purpose of transactions	Yes	Select from the provided options
Purpose explanation	Optional	Describe how you plan to use the account

Don’t assume a fixed set of requirements applies to every business. Which documents and questions appear — including this step — depend on the business’s country of incorporation and entity type, and can change accordingly.

6. Beneficial Owners

Add email addresses for the company’s ultimate beneficial owners:

Field	Required	Notes
Owner 1 email	Yes	At least one owner is required
Owner 2–4 email	Optional	Up to four owners total

Use a different email address from your business contact account for each beneficial owner.

7. Accept Terms

Before submitting, you’ll be asked to review and accept the terms governing account connectivity and fund movement, along with the applicable Electronic Consent Agreement, Terms of Service, and Privacy Policy.

8. Review Details

The final screen shows everything you’ve entered — company details, uploaded documents, any additional (high-risk) details, and beneficial owner emails — so you can check it’s correct before submitting.

• Use Edit company information or Edit owner emails to go back and fix anything.
• Uploaded documents show a checkmark once attached.

Once everything looks correct, tap Continue to submit your business verification.

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Submission Quality and Common Rejection Reasons

Most rejected submissions fail for a small set of avoidable reasons. Review these standards before you upload anything.

Proof of Address Freshness Rule

Bank statements and utility bills must be issued within the last 90 days. Documents older than 90 days are automatically rejected — check the issue date on the document before uploading.

Document Authenticity and Format

Acceptable	Not acceptable
Original vector PDFs downloaded directly from your bank’s or utility provider’s portal	Modified or edited PDFs
High-resolution, uncropped photos or scans of the physical document	Plain text summaries in place of the actual document
	Documents with cropped edges
	Blurred images
	Informal screenshots

Identity Verification (ID)

Your government-issued ID (passport, national ID, or driver’s license) must be:

• Valid and unexpired
• Photographed with all four corners visible

Matching Data Integrity

The legal company name, tax ID, and address you enter in the form must match your submitted registration documents word-for-word. Even small discrepancies (abbreviations, punctuation, or formatting differences) can cause a mismatch and delay your review.

These standards apply on top of the document-specific guidance shown in-app for your business’s country and entity type. Follow whatever is presented on screen at the time, and use the standards above as a baseline check before you upload.

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How to Upload Documents

On any step with a document field, tap Choose from your device (or the upload icon) next to the field and select the file. A checkmark or filename confirms a successful upload.

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Submission and Review Status

After accepting the terms and submitting from the Review details screen, your business verification goes to the compliance team for review.

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What Happens if Compliance Requests Additional Information

If compliance needs more detail or an updated document to complete the review, they’ll follow up directly to request it. Respond with the requested information to keep your verification moving.