When onboarding a new company with OFX, you must complete the Know Your Business (KYB) page as part of the registration process. This step is required to capture your company’s key compliance information, such as business activities, expected transaction volumes, and transfer & reason details. Providing accurate KYB information helps OFX meet regulatory requirements and ensures your business can be verified and approved for account activation.

Pre-requisites:
Before you begin, ensure you have the following information ready:

• Business activity: Description of your company’s main business activities

• Expected transaction volumes: Estimated yearly transfer amount in local currency

• Transfer requirements: Countries to send and receive funds, and reason for making the transfer

Next Steps:

With reference to How do I register a new company in OFX after signing up? and to update the KYB page during onboarding, follow these steps:

1. Navigate to the KYB page:

   • After entering your business details and as you progress through the onboarding flow, you will be prompted to enter the KYB details.

2. Enter business activity and transaction details:

   

   • Provide a clear description of your company’s main business activities.

   • Enter your expected yearly transfer amount, countries to send and receive funds to, and reason for transacting.

3. Review and confirm your entries:

   • Double-check all information for accuracy and completeness.

   • Ensure details match your official business documents.

4. Save and continue:

   • Once all required fields are completed, save your progress and proceed to the next step in the onboarding journey.

     

Why is this important:

Completing the KYB page accurately is essential for meeting anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. This information allows OFX to verify your company’s identity, assess risk, and ensure your business is eligible to transact securely. Providing correct and complete details helps prevent delays, supports compliance with global financial regulations, and protects your business from potential service interruptions.

Related FAQ Articles:

• How do I update the business details page when onboarding?

• Why is it required to refresh KYC/KYB?

• How do I register a new company in OFX after signing up?

• How do I create a new company account in NCP?