BorderPay Velocity

BorderPay compliance

KYB document requirements

Prepare current, legible and consistent records for the company, its ownership and the people who control it.

Standard business information

  • Legal entity name
  • Registered and principal operating addresses
  • Proof of address where required
  • Business purpose and account use
  • Source of funds
  • Registration or tax identification number
  • Entity type and formation documents
  • Business description, industry and website
  • Expected monthly transaction volume
  • Directors, officers, control persons and qualifying beneficial owners

Ownership and control

Identify every individual who directly or indirectly owns at least 25% of the entity, plus at least one control person where applicable.

The ownership record must account for 100% of the entity. Where another company is an owner, documents may be required through each ownership layer until the qualifying individuals are identified.

A verified control person may attest to the complete ownership structure. Without a sufficient attestation, BorderPay may request signed ownership records or independently produced documents.

Formation

Documents by entity type

Submit at least one government-filed or otherwise authoritative formation record appropriate to the entity. The legal name, jurisdiction and registration number must match the application.

Sole proprietorship
  • Business licence
  • Trade-name registration
  • Doing-business-as filing
General partnership
  • Partnership agreement
  • Business licence listing all partners
  • Trade-name registration listing all partners
Limited partnership
  • Certificate or registration of limited partnership filed with the competent authority
Limited liability partnership
  • Certificate or registration of limited liability partnership filed with the competent authority
Corporation
  • Articles of incorporation
  • Certificate of incorporation
Limited liability company
  • Articles of organization
  • Certificate of incorporation or equivalent formation certificate
Nonprofit or foundation
  • Articles or certificate of incorporation
  • Applicable tax-exempt recognition or equivalent registration
Trust
  • Trust deed or trust agreement
  • Certificate or abstract of trust
  • Notarized trustee authority document where applicable
Cooperative
  • Articles of incorporation
  • Bylaws
  • Membership agreement or register
DAO with a legal entity
  • Government-filed legal-entity formation document
  • Governance framework
  • Membership or token agreement where applicable

Ownership

Evidence of ownership

Documents must name the entity and show owners and percentages clearly. Self-prepared ownership charts or cap tables should be dated and signed by a verified control person, lawyer or qualified accountant.

Corporation

  • Shareholder ledger or capitalization table
  • Shareholders’ agreement
  • Stock certificates
  • Board minutes or official filings that identify shareholders and ownership percentages

Limited liability company

  • Operating agreement
  • Membership ledger or certificates
  • Tax ownership schedules where applicable

Partnership

  • Partnership agreement
  • Schedule of partners
  • Partnership certificate or tax ownership schedules

Nonprofit or foundation

  • Bylaws
  • Board minutes
  • Annual reports
  • Official documents identifying directors, officers or trustees

Trust

  • Trust deed
  • Certificate of trust
  • Documents identifying trustees, beneficiaries and controlling persons

Cooperative

  • Membership ledger
  • Membership agreement
  • Meeting minutes or share certificates showing ownership or voting rights

Additional or enhanced review

Higher-risk activities, conflicting location signals, regulated industries or unusual ownership structures can require more evidence.

  • Estimated annual revenue
  • Proof of funds, such as recent bank statements
  • Proof of operating activity, such as invoices, contracts or receipts
  • Licensing information for regulated industries
  • Explanation of customer-money movement and compliance controls
  • Additional information requested during risk review