What details does Mimo need about my business?
To get started, all businesses must provide basic due diligence information. This includes the company’s legal name, residential address for UBOs and applicants, registered company address, business type, and contact details. In addition, Mimo may request details about your Ultimate Beneficial Owners (UBOs), directors, and relevant identification documents to ensure compliance with anti-money laundering (AML) and Know Your Business (KYB) regulations. This helps us verify your business and confirm its legitimacy.
Sometimes, we may need additional documentation, such as proof of business activities, financial statements, or enhanced due diligence for higher-risk companies.
We try to keep the questions and friction to a minimum so as not to trouble the customer, but if we have to ask a question, we will.
Complex Ownership
In certain cases, we may need to collect additional information, particularly if your business has a more complex ownership structure, such as owned by another legal entity (Company).
If this applies to your business, our Mimo Onboarding Team will reach out to request the necessary details. Typically, this additional information will include proof of identity and proof of address for each Ultimate Beneficial Owner (UBO) involved in the company’s structure. We may also require further documentation to verify the ownership plan, ensuring compliance with KYB and regulatory standards.
We will also send you a draft of your ownership structure and ask you to review and edit it if necessary. Once you have confirmed that all the details are in order, we will convert it to a PDF and send it back to you for e-signature.
How long does the KYB process typically take?
We strive to manage the onboarding process as swiftly as possible to get you up and running with Mimo. The KYB process is usually completed quickly once all the necessary documentation is provided. However, as described above, certain factors may extend the timeline. For instance, if additional documentation is required or your business has a complex ownership structure, it might take longer to verify all the necessary details.
Please don't worry; our Mimo Onboarding Team works diligently to minimise delays and will keep you informed throughout the process. We are committed to ensuring a smooth and efficient onboarding experience for you.