Before any regulated provider opens an account for your company, it has to know who you are, and that means more than an email address. The process is called Know Your Business (KYB), and for a new business signing up to an EU payment provider it's the gate you pass through first. Knowing what's coming makes it quick and painless instead of a frustrating back-and-forth. This guide explains what KYB is, why it exists, and exactly how to prepare.
What KYB is and why it exists
KYB is the business equivalent of the identity checks individuals go through (Know Your Customer, or KYC). A regulated institution must verify that your company is real, legitimate, and run by the people who say they run it, before letting it hold funds or transact.
This isn't bureaucratic box-ticking; it's a legal requirement. EU anti-money-laundering (AML) rules, alongside counter-terrorist-financing law, oblige licensed financial institutions to identify their business customers and the people behind them. An EU-licensed Electronic Money Institution like myTU, supervised by the Bank of Lithuania, has to perform KYB to stay compliant with its licence. In short, KYB exists to keep the financial system clean, and every reputable provider does it.
It also protects you. A provider that verifies its customers properly is one that takes its regulatory obligations seriously, the same diligence that underpins how it handles your money. If you want the wider picture of how EU EMIs are regulated and how they differ from banks, our EMI vs bank explainer sets the context.
Documents typically needed
Exact requirements vary by provider and by your company's country and structure, but a fully-online KYB process usually asks for a recognisable set of items. Having these ready before you start is the single biggest time-saver:
- Company registration details. Your registered legal name, company number, registered address and country of incorporation, often evidenced by a recent extract from the commercial register.
- Proof of address for the business, where required.
- Identity documents for key individuals, typically a passport or national ID for directors and beneficial owners, plus a selfie or liveness check to confirm the person is who they claim.
- Ownership and control information, showing who owns and directs the company.
- A description of the business, what you do, your sector and expected activity, so the provider can assess and risk-rate you.
None of this is unusual; it mirrors what any compliant EU payment provider must collect. The fully-online flow through myTU means you upload and verify these digitally rather than posting paper or visiting a branch.
UBOs and beneficial owners
One concept that catches first-timers off guard is the Ultimate Beneficial Owner (UBO). A UBO is a natural person who ultimately owns or controls the company, commonly defined as someone holding more than a set percentage of shares or voting rights (frequently 25% under EU AML rules), or who otherwise exercises control.
KYB requires identifying these real people behind the corporate entity, even where ownership runs through holding companies or several layers. The aim is to ensure no one hides behind a corporate structure. Practically, you'll be asked to:
- Name the individuals who own or control the company and their ownership percentages.
- Provide ID verification for each UBO, as for directors.
- Explain the ownership chain where intermediate companies are involved.
The goal of UBO checks is simple: a regulated provider must be able to see the real people behind the company, not just its name on a register.
If your structure is straightforward, one or two founders owning the company directly, this step is quick. The more layered the ownership, the more documentation it takes to evidence cleanly.
Eligibility: who can be onboarded
KYB also establishes whether your business can be served at all. Providers operate within their licence and risk appetite, so onboarding considers things like:
- Jurisdiction. The countries of incorporation and operation that fall within the provider's coverage.
- Business activity. Some sectors are restricted or prohibited under AML and licensing rules; a provider will decline activities it can't lawfully or prudently support.
- Sanctions and screening. Companies and individuals are screened against sanctions and watchlists; matches block onboarding.
This is why a clear, honest description of your business helps, it lets the provider confirm fit early rather than late. If your activity is mainstream and your jurisdiction is covered, eligibility is rarely an obstacle.
How to speed up KYB
Most onboarding delays come from missing or mismatched information, not from the provider being slow. You can do a lot to make approval fast:
- Gather documents first. Have registration extracts, IDs for all directors and UBOs, and your ownership breakdown ready before you begin.
- Make sure details match exactly. The legal name, address and ownership you enter should match your official records and register entries, mismatches trigger manual review.
- Map your UBOs in advance. Know who holds what, and have ID ready for each person above the threshold.
- Use clear, current documents. Legible, in-date, full-page scans and a clean liveness check avoid re-requests.
- Describe your business plainly. An accurate, specific summary of what you do helps the risk assessment move smoothly.
Get those right and a fully-online KYB can move quickly, because there's nothing to query. The friction almost always comes from gaps you can close before you start.
What happens after approval
Once KYB clears, your business account and EU IBAN are live and you can start issuing cards. With 2card, that's the moment the practical value kicks in: one euro balance behind virtual Visa cards for ad accounts, AI agents and contractors, with hard limits, instant freeze and SEPA top-ups. KYB is the one-time gate; everything after is day-to-day use.
It's worth remembering who does what. 2card is a marketing partner of myTU; the KYB, the IBAN, the card issuing and the safeguarding of funds are all provided by myTU as the licensed EMI. 2card is not a bank and doesn't hold your money, which is also why the verification is handled by the regulated institution.
Approached with documents in hand and accurate details, KYB is a short, predictable step rather than a hurdle, and it's a sign you're dealing with a compliant, properly regulated provider. When you're ready to begin, you can request early access and start onboarding from the 2card early-access form.