Business Verification: What You Need to Know and Why It's Important

Why Business Verification Is Needed

Business Verification, also known as KYB (Know Your Business) verification, is a process designed to meet regulatory and legal requirements to prevent fraud, money laundering, and other financial risks. Lumanu partners with trusted providers to ensure that your information is protected and that your business is operating under all necessary guidelines. These checks are required to maintain compliance with global financial regulations and to ensure the secure processing of your payments.

Partners We Use for Business Verification

1. KYB Verification

   We use a trusted financial services provider, to handle the Business Verification process. This partner specializes in offering secure and compliant banking infrastructure to companies like Lumanu, ensuring that all businesses we work with meet legal and regulatory standards. This process not only protects your business but also prevents unauthorized activity and potential financial risks.

   • Security: Our financial services provider employs industry-standard encryption for all sensitive data, ensuring that any personal or business information you provide is securely transmitted and stored. Your data is encrypted both in transit and at rest, safeguarding it from unauthorized access.

   • Compliance: By undergoing Business Verification, your business helps Lumanu comply with international financial regulations, ensuring a trusted and secure environment for all transactions.

2. Banking 

   Once your Business Verification is complete, any funds Lumanu processes on your behalf will be stored in individual, FDIC-insured accounts. These accounts are fully regulated, separated from those of other customers, and insured up to FDIC limits. You can be confident that your funds are walled off and secure at all times.

   • Account Security: The funds are stored in individual accounts dedicated to your business, ensuring that your money is safe and protected from external risks.

   • FDIC Insurance: Your funds are insured by our banking partner, a fully regulated financial institution, up to the standard FDIC insurance limits, providing added peace of mind.

What Information Is Required for Business Verification?

To complete Business Verification, you’ll need to provide the following information about your business and the individual completing the verification:

1. Business Information:

   • Legal business name

   • Business address

   • Business registration details (e.g., EIN or Tax ID)

   • Industry type

   • Business website (if applicable)

2. Owner or Executive Information:

   • Full legal name

   • Date of birth

   • Home address

   • Social Security number (or equivalent for non-U.S. entities)

   • Government-issued identification (e.g., driver’s license or passport)

This information is necessary to ensure that your business complies with anti-fraud and anti-money laundering regulations.

Who Needs to Fill Out the Business Verification?

The Business Verification process must be completed by an authorized representative of your company, typically an owner, executive, or someone with the authority to act on behalf of the business in legal and financial matters. This person will be responsible for submitting the required business and personal details to complete the verification.

How to Complete the Business Verification

To complete the Business Verification, you will receive a secure link from the Lumanu Customer Success team after signing your contract or completing your onboarding. This link will guide the authorized individual through submitting the required information for verification.

If you haven’t signed the Lumanu Master Services Agreement (MSA) yet, you will also be required to sign it as part of the onboarding process.

For any questions about the process or additional support, feel free to reach out to our Customer Success team via support@lumanu.com. 

By completing the Business Verification and signing the MSA, you ensure that Lumanu can process your payments safely and in compliance with all necessary financial regulations.