KYB Requirements for Virtual Account Beneficiaries
The KYB information Localpayment must collect about your sub-merchants and Virtual Account beneficiaries to meet regulatory and compliance requirements.
When a Virtual Account end beneficiary is a company (sub-merchant), Localpayment needs the information and documents below about the company, its legal representative, and the people who own it. This applies to each company you onboard, not to your own company, which is covered during onboarding.
Applies to Virtual Accounts in Brazil. The information and documents on this page are required only when the Virtual Account is opened in Brazil. For Virtual Accounts in other countries, no KYB information is required through Entities at this time.
- Gather the information and documents on this page.
- Register the company, its UBOs, and its legal representative with the Entities API, as described in Share KYB Information through Entities.
- When everything is uploaded, call
POST /api/entity/v1/entities/{companyId}/verifyon the company (Request Verification). The company moves toIN_REVIEWand is locked: its data, documents, files, and UBOs can no longer be changed. - Create the Virtual Account with the data the request already requires, and add the company's entity ID in
beneficiary.entityId.
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B --> C["3. Register the UBOs<br/>and the legal representative, linked to the company"]
C --> V["4. Request verification<br/>POST .../verify, the company is locked"]
V --> D["5. Create the Virtual Account<br/>current required data plus the company entity ID"]
D --> E(["Account active<br/>everything was complete"]):::terminal
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Register the entity first, then create the account.
Company
Company information
| Information | Required | Details | How to send it |
|---|---|---|---|
| Legal name | Yes | As it appears in the incorporation document. | name |
| Tax identification number | Yes | The company's tax ID, such as CNPJ, CUIT, RFC, or NIT. | Primary document, with type, id, and issuingCountry. No file needed. |
| Registration number | Yes | The number assigned by the company registry. | id of the incorporation document (see Company documents). |
| Country of tax residence | Yes | ISO 3166-1 alpha-3 code, for example BRA. | residenceCountry |
| Business profile | Yes | How the company receives its funds. It defines which source-of-funds documents apply. | attributes.businessProfile: MARKETPLACE, B2C, or B2B |
| Website or app | For MARKETPLACE and B2C | The store URL on the marketplace, or the company's own website or app. | website. For B2C, also send the proof of ownership of the site or app as a document OTHER. |
| Second channel | No | Another website, app, or social media profile where the company sells. | attributes.socialMedia |
| Registered address | No | Street and number, up to two additional lines, city, state or province, postal code, and country. | address |
| Source of funds | No | The main origin of the company's funds, from the option list. | attributes.sourceOfFundsAndIncome |
Company documents
| Document | Required | Details | How to send it |
|---|---|---|---|
| Incorporation document | Yes | Must show the company's current shareholders. See Incorporation documents by country. | Document ARTICLES_OF_INCORPORATION, with the registration number in id. One DOCUMENT file per PDF. |
| Ownership chart | When the incorporation document doesn't list the shareholders | Shows each shareholder and their ownership percentage. | An additional DOCUMENT file in the same ARTICLES_OF_INCORPORATION document. |
| Source of funds | Yes | Depends on the business profile. See Source of funds by business profile. | Document PROOF_OF_FUNDS, with one DOCUMENT file per document. |
| Proof of website or app ownership | For B2C | See Proof of ownership of the website or app. | Document OTHER |
Incorporation documents by country
The country here is the one where the company is incorporated, not the country of the Virtual Account.
The incorporation document must show the company's current shareholders. A document that only proves the company exists, without its shareholders, is not enough. If the shareholders don't appear in it, add an ownership chart with each shareholder's percentage.
| Country of registration | Documents |
|---|---|
| Brazil | Consolidated Contrato Social. For a corporation (S.A.), the Estatuto Social together with the shareholder register. The CNPJ registration card is not required. |
| Mainland China | Business License, plus the Articles of Association or the Register of Shareholders. |
| Hong Kong | Certificate of Incorporation plus the latest Annual Return (NAR1), or the incorporation form NNC1 if the company has not filed its first Annual Return yet. The Certificate of Incorporation or the Business Registration alone are not enough because they don't show the shareholders. |
| Singapore | Recent BizFile extract plus the Certificate of Registration. |
| Any other country | Certificate of Incorporation plus a register of directors and shareholders issued or certified by the company registry or by the registered agent. |
Source of funds by business profile
Choose the profile that describes the company in attributes.businessProfile. If none fits clearly, use B2B.
| Profile | Description | Documents |
|---|---|---|
MARKETPLACE | Sells on a marketplace and receives the balance settled by the marketplace, in its own name. | Store URL, plus the invoices the marketplace issues to the company for its platform fees, from the last 3 months. |
B2C | Sells directly to consumers through its own website or app, including digital content. | Website or app URL, proof of ownership, and a sales report of the last 3 months covering the payments received in all channels. A complete export of the store orders (CSV or PDF) is accepted; a screenshot of the back office is not. |
B2B | Receives payments from corporate customers, usually for goods or logistics. | The 3 most recent operations, each with the commercial export invoice showing the buyer's name and the bill of lading (BL) or air waybill (AWB). |
Proof of ownership of the website or app
Required for B2C.
| Channel | Accepted proof |
|---|---|
| Website | Domain registration certificate or the registrar's invoice in the company's name. In mainland China, the ICP number registered in the company's name. |
| App | The App Store or Google Play page, with the developer name equal to the company's legal name. |
A domain or app registered to a third party doesn't prove ownership. Contracts, bank statements, and financial statements don't replace the documents of the profile.
Owners and legal representative
Who to include
- Ultimate beneficial owners: every person who owns more than 25% of the company. If no one does, the four largest owners.
- Legal representative: a person who appears as a director or legal representative in the incorporation document. A person acting only under a power of attorney doesn't qualify.
The same person can be both an owner and the legal representative. In that case, register them once.
Information for each person
| Information | Required | Details | How to send it |
|---|---|---|---|
| Full name | Yes | As it appears in the identity document. | name and lastname |
| Country of residence | Yes | ISO 3166-1 alpha-3 code. | residenceCountry |
| Identity document | Yes | National identity card, passport, driver's license, or residence permit. | Primary document, with type (NATIONAL_ID, PASSPORT, DRIVER_LICENSE, or CE), id, and issuingCountry. |
| Identity document files | Yes | Front and back of the document. For a passport, the photo page only. | FRONT and BACK files on the identity document. |
Link to the company
Link each person to the company with Link a UBO.
| Information | Required | Details | How to send it |
|---|---|---|---|
| Ownership percentage | Yes | From 0 to 100. If the percentage is unknown, send null. Use 0 for a legal representative who doesn't own shares. | ownershipPercentage |
| Role | Yes for the legal representative; optional for owners | The person's role in the company, from the option list. | controlRole. Use LEGAL_REPRESENTATIVE for the legal representative, even if they also have another role. |
File rules
- PDF, PNG, JPG, or JPEG, up to 10 MB per file.
- Complete documents with all their pages. Copies are accepted if complete, in their original language.
- Screenshots and partial statements are not accepted as main evidence.
Option lists
Business profile
MARKETPLACE, B2C, B2B. See Source of funds by business profile for what each one means.
Control roles
| Code | Use it for |
|---|---|
LEGAL_REPRESENTATIVE | The person who appears as director or legal representative in the incorporation document. Required for one person. |
AUTHORIZED_SIGNATORY | A person who signs for the company under a power of attorney. |
CEO, CFO, COO, CTO, PRESIDENT, VICE_PRESIDENT, DIRECTOR, MANAGING_DIRECTOR, MANAGING_PARTNER, GENERAL_PARTNER, PARTNER, SECRETARY, TREASURER, CHAIRMAN, BOARD_MEMBER, GENERAL_COUNSEL, OWNER, FOUNDER, MANAGER, MEMBER, COMPTROLLER, CHIEF_COMPLIANCE_OFFICER | Optional role of an owner in the company. |
Send the code in upper case. Lower case returns 422 INVALID_CONTROL_ROLE.
Source of funds options
Optional. Send the code in attributes.sourceOfFundsAndIncome.
| Option | Code |
|---|---|
| Business loans | business_loans |
| Grants | grants |
| Inter-company funds | inter_company_funds |
| Investment proceeds | investment_proceeds |
| Legal settlement | legal_settlement |
| Owners' capital | owners_capital |
| Pension or retirement | pension_retirement |
| Sale of assets | sale_of_assets |
| Sales of goods and services | sales_of_goods_and_services |
| Third-party funds | third_party_funds |
| Treasury reserves | treasury_reserves |
Next steps
Updated 2 days ago
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