Know Your Business (KYB) is a critical part of the compliance process that helps verify the identity and legitimacy of the businesses we support. It ensures a secure, trustworthy environment for payroll operations and partnership activities.
Why KYB matters
KYB is required to:
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Comply with financial regulations
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Reduce the risk of fraud, money laundering, and illegitimate business activity
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Confirm that each client is a registered and verifiable entity
By verifying the legal business name and registration number, we help protect all parties involved and establish a foundation of transparency and trust.
When KYB is triggered
KYB verification is automatically triggered when you add the following to your Corfix account;:
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You legal business name
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Your business registration number
This real-time check allows for early detection of inconsistencies or potential compliance risks.
KYB must be fully completed before the client can run live payroll.