Overview
The onboarding process at Cedar is designed to ensure that we meet regulatory compliance requirements while gaining a thorough understanding of your business needs. As part of this process, we follow a Know Your Business (KYB) procedure that requires the submission of specific business information, documents, and details about the Ultimate Beneficial Owners (UBOs) of the company.
Steps in the Onboarding and KYB Process
Submit Business Information
Provide essential details about your business, including legal business name, registration number, business type, and tax identification number (TIN).
Provide Required Documentation
Submit necessary legal documents to verify your business’s legal status, such as incorporation certificates, business licenses, and proof of business address.
UBO (Ultimate Beneficial Owner) Information
Provide detailed information about the Ultimate Beneficial Owners (UBOs) of the company, including personal identification and ownership details. This helps ensure transparency and meet anti-money laundering (AML) requirements.
Verification of Ownership Structure and Legitimacy
We verify your business’s ownership structure, shareholding, and operational legitimacy to ensure compliance with regulatory standards.
Review and Approval
Once all required information and documents are submitted, our team will review the data. If anything is missing or requires further clarification, we may reach out for additional information.
Account Activation
After verification, we aim to approve and activate your account within 3 to 7 business days, provided all documentation meets the necessary standards.
Why Is This Process Important?
The KYB process is a vital part of Cedar’s commitment to:
Ensuring compliance with international financial regulations and standards.
Maintaining a secure and trustworthy platform for clients.
Verifying the legitimacy of businesses, their ownership, and operational structure.
This thorough approach allows us to serve you more effectively, with a focus on security, compliance, and trust.
If you have any questions or need assistance during the onboarding process, feel free to contact us at support@cedar.money.