Mo uses a Know Your Business (KYB) process to verify that every company using fiat services is legitimate. This article explains what KYB involves, how long it takes, and what happens after approval.
What Is KYB?
KYB is the business equivalent of identity verification (KYC). It confirms:
- That the business is legally registered and operating
- Who the ultimate beneficial owners (UBOs) are
- That the business is not subject to sanctions or financial crime restrictions
KYB is only required if your business deposits or withdraws fiat currency. Businesses that only hold or transfer digital dollars (USDC) between Mo users do not need KYB.
The KYB Process, Step by Step
Step 1: Create a Business Account
When a business registers on Mo, a KYB application is created automatically. You receive an application URL — a link to Mo’s hosted onboarding form.
Step 2: Complete the Hosted Form
The onboarding form collects:
Business information:
- Legal company name and trading name (if different)
- Country of incorporation and registration number
- Registered address and operating address (if different)
- Industry type and business description
- Expected monthly transaction volume
Beneficial ownership:
- Name, date of birth, nationality, and address for each UBO who holds 25% or more of the business
- Identification documents for each UBO (passport or national ID)
- Details of the control person (the individual who manages day-to-day operations)
Documents:
- Certificate of incorporation or company registration
- Proof of address for the business operating location
- Any additional documents requested by Mo’s compliance team
Step 3: Review
Once submitted, Mo’s compliance team reviews the application. The timeline depends on the complexity of your business structure:
| Business type | Typical review time |
|---|---|
| Simple structure (1–2 UBOs, single jurisdiction) | 1–2 business days |
| Complex structure (holding companies, multiple jurisdictions) | 3–5 business days |
| High-risk industries | Up to 10 business days |
Step 4: Decision
The application reaches one of three outcomes:
| Outcome | What it means |
|---|---|
| Approved | KYB complete. Your business can deposit, withdraw, and use all Mo features. |
| Declined | Mo cannot onboard your business. You will receive a general reason. |
| Request for Information | More documents or clarification are needed. You will be contacted by email. |
KYB Application States
Your application moves through these states:
pending → submitted → completed (approved / declined)| State | Description |
|---|---|
pending | Application started but not yet submitted. You can still add documents. |
submitted | Application under review. No further edits possible. |
completed | Review finished. Check the decision: approved or declined. |
What You Can Do Before KYB Approval
While your KYB is in pending or submitted:
- You can hold and send digital dollars (USDC) within Mo.
- You cannot deposit or withdraw fiat currency.
- You cannot create onramp/offramp accounts.
Once KYB status becomes active (approved), all fiat features are unlocked.
Required Documents Checklist
Before submitting, confirm:
- Company registration document is current and not expired
- All UBOs with ≥25% ownership are listed
- Each UBO’s ID document is in date and clearly readable
- Business proof of address is less than 90 days old
- All information matches exactly what appears on the legal documents
Frequently Asked Questions
Who counts as a UBO? Any individual who directly or indirectly owns 25% or more of the business. If no individual owns 25%+, the control person (typically a director or senior executive) must be identified.
What if my business is owned by another company? You will need to provide ownership details for the parent company as well, tracing back to the ultimate human beneficial owners.
Can I update information after submitting?
No. Once the application reaches submitted status, you cannot edit it. If something is wrong, contact Mo Support and we can advise on next steps.
How will I know when KYB is approved? You will receive an email notification. You can also check your account status in the Mo app.
Does KYB expire? KYB approvals do not expire automatically. However, significant changes to your business (new UBOs, change of ownership, new jurisdiction) may require an updated review. Mo’s compliance team will contact you if a refresh is needed.
My business was declined — can I reapply? In most cases, yes. Contact Mo Support to understand the specific reason and whether reapplication is possible.
