Compliance procedure for legal entities on VNX Exchange

January 29, 2020

Business clients wishing to register a corporate account with VNX shall pass a mandatory KYB (Know Your Business) check. Such clients can fill in forms and upload all required information directly on VNX Platform in a digital way.



What documents and information are required for KYB?


Legal entities will have to submit following information and documents for verification depending on the form of the applicant:


  1. Document confirming the legal existence of the company, such as:
  • certificate of incorporation/registration;
  • recent excerpt from a state company registry;
  • certificate of incumbency;
  • certificate of good standing;
  • memorandum/articles of incorporation/association/registration;
  • another similar document;


  1. Document allowing to establish all the UBOs (Ultimate Beneficial Owners) and directors of the company, such as:
  • shareholder registry;
  • statement of information;
  • recent excerpt from a state company registry;
  • certificate of incumbency;
  • memorandum/articles of incorporation/association/registration;
  • trust agreement;
  • another similar document.


  1. Document confirming your authority to represent the applicant.


Below you can find a step-by-step guide on how to pass KYB with the main stages of validation process to help you pass the procedure as quickly and simply as possible.



STEP 1. Identity verification


The authorised representatives of the company shall go to the KYC page and select Legal Entity to proceed with the identification process.

First, you, as a representative of the company, will have to verify and confirm that you are older than 18; that the company is not incorporated in restricted countries and you are authorised to represent the applicant.

Then you shall check and accept privacy terms and give consent to process your personal data.


STEP 2. Information about the company


Fill in information about the company (company name, registration number, legal address, country of incorporation and other fields).



Upload electronic versions of the documents confirming the company legal existence and a document allowing to establish all of its beneficial owners (you may refer to the list of the documents mentioned in this guide in the section above).



If UBOs of the company are not identifiable (e.i. Public Company, Complex Trust Structures, etc.) please tick a respective box.

Please note: The documents you provide must in any event contain the company’s name, registration number, legal form (type), address, and date of incorporation.


If your entity has several corporate layers, i.e. intermediary holding companies, please provide the relevant documents in respect of each company.


Bank statements are normally NOT accepted as confirmation of UBO status.


If the documents are in a non-English language, the documents shall be accompanied by a certified translation into English language.



STEP 3. Information about Ultimate Beneficial Owners


Fill in information about individuals who are considered to be Ultimate Beneficial Owners (owning at least 25% of the company) and press “Add participant” button.

You can add several participants (individuals or corporations) one by one.



After submitting the form all the individuals will be followed up via emails with a request to go through a standard KYC/AML procedure.



STEP 4. Check and submit


Check and make sure that all the data is valid. At this stage you can also edit information if it’s needed. You can submit information using the “Next” button.



Start the KYB procedure.

The process of the documents review usually takes up to 3 business days depending on the complexity of the corporate structure. The status of your account will change automatically once the review is completed. You will also receive a notification about the change of the KYB procedure status on your email.



Compliance team will contact you in case of need in additional clarifications and/or documents.



If you have any questions during the process of the KYB procedure, you may contact our support team via chat on the VNX Platform.



Start the KYB now.