KYB (Know Your Business)
aka KYB check, business verification, corporate due diligence
Identity and beneficial ownership checks that banks and e-money institutions must complete before onboarding a business. Irish SMEs encounter KYB when opening a Revolut Business or Wise account - CRO registration, directors, and UBO are verified.
Last reviewed May 2026
Definition
Know Your Business (KYB) is the corporate equivalent of Know Your Customer (KYC). Where KYC verifies the identity of an individual, KYB verifies the legal existence, structure, and beneficial ownership of a company before a regulated financial institution provides services to it. For Irish limited companies, KYB typically involves: 1. Company registration verification: Confirmation that the company is validly incorporated with the Companies Registration Office (CRO) and is not struck off, dissolved, or in liquidation. The CRO CORE system is the authoritative source; fintech platforms query it automatically or require the applicant to provide the company number. 2. Director identification: Collection of identity documents (passport, driving licence) for all directors. The EU Fifth Anti-Money Laundering Directive (5AMLD) requires ongoing due diligence on directors who have access to or control over business funds. 3. Ultimate Beneficial Owner (UBO) identification: Any individual who owns or controls more than 25 percent of the company (directly or through a chain of ownership) must be identified and verified. Irish companies are required to maintain a UBO register under the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021. Fintech platforms cross-reference the Register of Beneficial Ownership (RBO), maintained by the CRO, as part of automated KYB checks. 4. Source of funds and business activity: Higher-risk sectors (construction, cash-intensive retail, international trade) may trigger enhanced due diligence, requiring the business to explain where its funds originate and the nature of expected transaction flows. KYB timelines vary significantly between providers. Traditional Irish banks can take four to eight weeks for business account opening. Fintech platforms (Revolut Business, Wise Business) typically complete automated KYB in one to five business days for standard limited companies; complex ownership structures, dormant directors, or businesses in higher-risk sectors can extend this to two to four weeks. KYB is legally required under the Criminal Justice (Money Laundering and Terrorist Financing) Acts 2010 to 2021 and the European Communities (Anti-Money Laundering: Beneficial Ownership of Companies) Regulations 2019. Failure to complete KYB to the required standard is a regulatory breach for the platform, not just a commercial decision.
Why it matters for software choice
For Irish SMEs opening a business account with a fintech platform, understanding KYB requirements in advance - having the CRO number, director ID documents, and UBO information ready - is the single biggest factor in reducing onboarding time. For businesses with complex ownership structures, non-Irish directors, or operations in higher-risk sectors, flagging this to the provider upfront avoids account suspensions after initial onboarding.
Authority sources
- Revenue and Department of Finance: Register of Beneficial Ownership (rbo.gov.ie)
- Central Bank of Ireland: Anti-money laundering and counter terrorist financing (www.centralbank.ie)
Software categories this affects
Vendors covered by this term
Revolut Business
EU-licensed business banking with Irish IBANs, SEPA Instant, and multi-currency accounts
Wise Business
Multi-currency business account with mid-market FX rates and EU IBAN for Irish SMEs
Pleo
Smart company cards and automated expense management for European businesses
Soldo
Irish-regulated prepaid card and spend management platform for European SMEs
Related terms
AML (Anti-Money Laundering)
The legal and procedural framework that banks and electronic money institutions must operate under to detect and prevent money laundering and terrorist financing. AML compliance is a condition of holding a banking or e-money licence from the Central Bank of Ireland.
Electronic Money Institution (EMI)
A specific Central Bank of Ireland authorisation that permits a firm to issue electronic money (prepaid balances, e-wallets, cards) and provide payment services. EMIs cannot take deposits and customer funds are safeguarded, not insured.
Companies Registration Office
The Irish state authority that registers and maintains records of all companies, business names and limited partnerships. Issues the CRO number used as a primary legal identifier.