KYC and KYB for companies: what we ask, why we ask it and what happens if we don't

Every time a new client comes to SuitCoin wanting to operate, the first thing we ask is not about volume or asset. It's documentation. Many find this unexpected. Some find it excessive. Virtually all understand the reason after the first operation.

KYC and KYB are not obstacles to business. They are the evidence that the business is being conducted with structure — and that your company is in the right environment.

"KYC and KYB are not obstacles to business. They are the evidence that the business is being conducted with structure."

The difference between KYC and KYB

KYC — Know Your Customer

The process of identifying and verifying individuals — in the context of corporate clients, this means partners, controllers and beneficial owners. Who are the real people behind the CNPJ?

KYB — Know Your Business

The equivalent process for the company itself: corporate structure, corporate purpose, declared activities, revenue and source of funds. What does the company actually do?

Both processes are complementary — and both are required by Brazilian regulation for any SPSAV operating in compliance with Joint Resolution 13/2024.

What SuitCoin requests in onboarding

Well-done onboarding is labor-intensive once — and saves friction in all subsequent operations. Here is what we request and why:

Articles of incorporation and latest amendment Identifies corporate purpose, formal partners and decision structure. Basis for verifying if the activity is compatible with crypto operations.

Identity documents of partners and final controllers Mandatory verification against OFAC, UN, EU and PEP lists. Identification of who effectively controls the company.

Proof of address for company and relevant partners Geographic risk assessment and domicile confirmation. Relevant for jurisdictions with FATF restrictions.

Revenue declaration or balance sheet Contextualizes the expected operation volume with the company's actual size. Disproportion between declared volume and revenue is a risk signal.

Description of intended operations Confirms that declared use (FX hedge, international payment, treasury) is compatible with the company's profile. Basis for transaction monitoring.

KYC KYB compliance — Rigorous qualification isn't an obstacle — it's selection. Those who go through the process operate more securely. Those who don't protect the rest of the network.

What happens during the review

Review stages

Documentary verification: completeness and consistency of submitted documents

List verification: OFAC, UN, EU, COAF, national and international PEP

Risk assessment: company profile, activity, declared volume, jurisdiction

Decision: approval, additional documentation request, or rejection with justification

Typical timeline: 1 to 2 business days for standard profiles.

What can cause rejection or additional documentation request

Incomplete documentation or inconsistent with registration data
Partner or controller on national or international restrictive list
Declared activity incompatible with the company's actual profile
Company domiciled in a FATF non-cooperative jurisdiction
Declared volume significantly disproportionate to reported revenue

What approval means

Once qualified, your company operates in an environment with other formally verified clients. Your operations have complete documentary trail for internal audit. And you're within the regulated perimeter — with the legal and reputational protections that entails.

Want to understand the process before starting?

We answer all questions before any documentation request.

Rica Morais Chief Operating Officer · SuitCoin

Economist from Unicamp, Rica has been COO of SuitCoin since its founding — including the SPSAV licensing process with the Central Bank. Lecturer at FIA and startup mentor. Writes about what actually matters for those making financial decisions using crypto.