KYB Verification Tiers and Requirements.

Know Your Business (KYB) verification is the process of verifying a business's identity, registration, ownership, and operations.

At Bitnob Business, we use a three-tier verification system that allows businesses to complete verification based on their operational needs and anticipated transaction volumes.

The three verification tiers are:

1. Tier 1 – Basic Business Verification (Simplified Due Diligence)

2. Tier 2 – Standard Business Verification (Standard Due Diligence)

3. Tier 3 – Enhanced Business Verification (Enhanced Due Diligence)

Each tier has specific documentation requirements and determines the products, services, and transaction limits available to your business.

Tier 1 is the starting verification level for businesses that want to begin using Bitnob Business with basic transaction capabilities.

1. Company data — Country, Company name, Registration number, Incorporation date, Legal address, Entity type, Email, Industry or Nature of business, expected transaction volume, and the Bitnob services you are interested in. Website and Tax ID are optional.

2. Certificate of Incorporation (or Business Certificate)

3. Status Report, or the Register of Shareholders and Register of Directors

4. Valid government-issued identification document for at least one shareholder or director

5. Proof of residential address for the relevant shareholder or director

Additional information, such as BVN, may be required for Nigerian shareholders, directors, or proprietors, depending on the business structure.

Tier 2 — Standard (Standard Due Diligence)

Tier 2 is designed for businesses that require higher transaction limits and additional product access.

To complete Tier 2 verification, you must satisfy all applicable Tier 1 requirements and provide the following additional documents:

1. Valid IDs of all relevant shareholders, directors and ultimate beneficial owners (UBOs)

2. Proof of the company's business address

3. Proof of residential address for relevant shareholders or UBOs

4. Corporate or business bank statement covering the last 3 months

5. Memorandum & Articles of Association, Operating Agreement, or the equivalent for your entity type.

The exact documents requested may vary depending on your business structure and country of registration.

Tier 3 is designed for businesses requiring higher transaction capacity, expanded product access, and enhanced verification.

To qualify, your business must satisfy the applicable requirements for Tier 1 and Tier 2, along with additional compliance requirements.

1. Source of Funds and Source of Wealth documentation

2. SCUML certificate, where applicable (Nigerian businesses classified as DNFBPs — see the SCUML FAQ)

3. Group structure / organogram and ownership-chain documents, where a parent or sister company is involved

4. AML/CFT Policy signed by your CEO and Compliance Officer

5. SLA or service agreement with your AML/KYC solution provider

6. Completed AML/KYC Questionnaire — Bitnob will send this to you

7. Operating or regulatory licence, where applicable

The specific documents requested will depend on your business activities, ownership structure, jurisdiction, and applicable compliance requirements.

Yes. The documents required for verification may vary depending on the legal structure of your business.

Document standards

To avoid delays, make sure every document you upload meets these standards:

• Clear, complete, legible and not expired

• Names and business details match across all documents

• Proof of address shows the full legal name of the business or person and was issued within the last 3 months

• Bank statements cover the required consecutive months

• Documents are in English, or come with a certified English translation

For the full list of accepted proof-of-address documents, see Which proof of address documents are accepted? in the KYB FAQ.

Yes. You can upgrade your verification tier when your business requires access to additional products or higher transaction limits.

KYB verification follows a progressive process, meaning businesses must complete Tier 1 before proceeding to Tier 2, and Tier 2 before proceeding to Tier 3.

To upgrade:

1. Log in to your Bitnob Business dashboard and navigate to the verification section.

2. Complete the requirements for your current verification tier.

3. Once your current tier has been approved, proceed to the next verification tier.

4. Review and submit the additional information and documents required for the next tier.

5. Await review and approval before progressing further.

You will only need to provide the additional or outstanding documents required for each subsequent tier.

Please note: Businesses cannot skip verification tiers. To achieve Tier 3 verification, you must first complete Tier 1 and Tier 2 verification successfully.

Yes. Bitnob may request additional information or documentation where necessary to satisfy regulatory, compliance, or risk-management requirements.

Your account's verification tier may also be reviewed, restricted, or adjusted based on the outcome of ongoing compliance assessments.

Each verification tier provides access to different products, services, and transaction limits.

For a detailed breakdown, see Product Access and Daily Transaction Limits.

If you need help understanding your verification requirements or upgrading your business account, please contact the Bitnob Business Support team.

Related articles.

• Product Access and Daily Transaction Limits

• FAQs About KYB Verification