In regulated financial institutions, especially in the UK, businesses must adhere to strict regulations to prevent fraud, money laundering, and financial crime. Know Your Business (KYB) is a process that allows us to verify the legitimacy of our business customers and ensures compliance with regulatory standards. By conducting KYB checks, Mimo protects itself, its customers, and the broader financial ecosystem from illicit and illegal behaviour.

KYB involves verifying key details about a business, such as ownership structure, legal status, and financial health. We use a combination of reliable data sources and direct customer information to confirm the following:

Companies such as Mimo must follow the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, commonly called the AML/CTF regulations. KYB helps Mimo meet these legal obligations by verifying the legitimacy of business customers.

By adhering to regulations such as the Fifth Anti-Money Laundering Directive (5AMLD), incorporated into UK law post-Brexit, we reduce the risk of onboarding fraudulent or illegitimate companies.

Robust KYB checks, as required by The Proceeds of Crime Act 2002 and other relevant legislation, help foster a secure and transparent user environment.

At Mimo, KYB is essential to our commitment to a responsible and innovative financial environment.