What a KYC check covers

What is verified, who needs a check, and the two verification levels — including the one that means the shareholder is never contacted at all.

Overview

A KYC check establishes who someone is. For a natural person it gathers three things:

Personal information
Passport / ID document
Proof of address

For a legal entity it also covers the company's registration document, its legal details, and its legal representative.

Checks are launched at project level and tracked together, because a build-up generates them in batches rather than one at a time.

What you'll learn

What a check gathers, for a person and for a company
Who needs one
The two verification levels, and what separates them
How to choose between them

Who needs a check

Shareholders and signers participating in an operation — in practice, anyone whose identity must be established before a transaction on the share capital can complete.

The two verification levels

This is the choice that shapes everything downstream, and the product describes both plainly.

Simple KYC

"Request a basic KYC check with personal information and passport details."

The participant completes it: they receive an invitation, sign in, and provide their own information and documents. This is the normal path.

Choosing simple does not hand the check over irreversibly. The back-office team can intervene at any point and take the process over for a participant — where they are struggling with it, unresponsive, or simply better served by your doing it for them from documents you already hold (A7.3). So the level you pick at launch is a starting assumption, not a commitment to wait indefinitely.

Internal KYC (back-office handled)

"The KYC process is fully completed internally by the back-office team. Use this option when you already have all necessary documents or when the investor is unable to perform the digital KYC process."

Three characteristics, all stated on screen:

Managed internally by the back-office team
No emails or invitations sent to the shareholders
No actions required by the shareholders via the platform

That middle point is the practical difference between the two levels. Choosing internal is a guarantee that this person will not be contacted by the platform.

Choosing between them

The product names two reasons for choosing internal, and they are the real cases:

You already have the documents. Common where an investor is known to the firm, has been onboarded before, or supplied everything through an adviser. Asking them to upload what you already hold is friction with no gain.

The investor cannot perform the digital process. Some participants will not or cannot complete an online flow. Internal KYC means their check is not blocked by that.

Otherwise prefer Simple: it is less work for your team, and the documents arrive from the person they belong to.

The level is set per check, so one batch can contain both.

A precondition

A KYC process needs shareholders. With none in the project, the wizard stops: "Before launching a KYC process you need to add one or more shareholders to this project."

Note that this is project-level, unlike a subscription process, which is scoped to a company's shareholders.