Understanding KYB and KYC Verification at Ramp

As a regulated financial institution and partner to regulated financial institutions, Ramp is required to verify customer information during the application process and periodically review it to maintain regulatory compliance, prevent fraud, and ensure secure financial services.

Why we need to verify your information

Financial institutions like Ramp are required by law to:

• Verify the identity of key individuals in a business (KYC - Know Your Customer)
• Confirm business ownership, structure, and other pertinent details (KYB - Know Your Business)
• Collect this information during the application process
• Regularly review and update this information to ensure it is up to date

This verification helps protect both Ramp and our customers from fraud while ensuring compliance with banking and other applicable regulations.

What is KYB and KYC?

Know your business (KYB)

KYB is the process of verifying your business's legitimacy and structure. We verify your business's legal existence, ownership structure, and basic information to ensure we understand who we're working with and comply with the law.

Know your customer (KYC)

KYC is the process of verifying the identity of individuals associated with your business. For business accounts, this includes verifying controlling officers (such as executives and directors) and beneficial owners (individuals who own 25% or more of the business).

Required information and documentation

Business information (KYB)

• Legal business name and structure
• Tax identification numbers
• Business address*
• Ownership structure
• Industry classification
• Contact details

Individual information (KYC)

For key individuals:

• Identity verification
• Personal address*
• Job title
• Contact details

Periodic reviews

As part of our regulatory obligations, Ramp conducts periodic reviews of customer information to ensure accuracy and compliance. This process helps us detect and document changes in business ownership, control structure, and other key data points. During these reviews, customers must:

• Review and verify accuracy of existing business information on file
• Review and verify business ownership structure
• Review and verify business beneficial owner information
• Make any necessary updates within the platform as it pertains to the above
• Provide additional documentation if requested by Ramp

Support

If you have any questions about this process, please contact Ramp Support.

*Address requirements:

• KYB - A physical address is required. This address must be the principal place of business, local office, or another physical location where the entity conducts its business. We cannot accept Commercial Mail Receiving Addresses (PO Box, Private Mailbox (PMB)), Virtual Office, or Registered Agent addresses.

• KYC - A physical residential address is required for Controlling Officers and Beneficial Owners.