Compliance procedure for legal entities on VNX Commodities Platform

Traded At Title

What documents and information are required for KYB?

The exact list of documents for each entity depends on the jurisdiction in which it is registered, the legal form and the internal structure of the business. The general idea is that the documents should allow us: (1) to make sure that the legal entity exists and is in a good standing, (2) see who its managers and beneficial owners are, and (3) verify if the person creating an account for the company is authorized to do so.

Let us give you a quick overview of the documents that may be required for your registration. Please note that the list of documents is approximate and can be modified by the compliance team.

1. Documents confirming the legal existence of a legal entity (please upload at least two):

• certificate of good standing;
• statutes/ memorandum of association/ articles of the company; 
• excerpt from the state company registry;
• certificate of incumbency; or
• trust agreement.

2. Documents identifying the managers and the ultimate beneficial owners (UBOs) of the company:

• shareholder registry;
• director registry; or
• another similar document.

If the structure has several corporate layers, e.g. intermediary holding companies, the applicant will be asked to provide the relevant documents in respect of each company.

3. Documents confirming your authority to represent the applicant:

• power of attorney;
• appointment as a director of the applicant company; or
• another similar document.

4. Identification documents:

• ID copies of the UBOs of the company (if any) for uploading on the Platform; and
• Original ID of the applicant for passing a full-scale KYC.

Below you can find a step-by-step guide describing the main stages of the KYB process. We hope it helps you go through the procedure as quickly and simply as possible!

STEP 1. Identity verification

The authorised representative of the company shall go to the KYC page and select “Legal entity” to proceed with the identification process.

As the person begins the registration process on behalf of a legal entity, he/she is asked to confirm that he/she is at least 18 years old, is authorized to represent the legal entity and that the legal entity is not incorporated and not a resident of the restricted countries listed on VNX Commodities’ website.

STEP 2. Information about the company

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

Upload electronic versions of the documents confirming the company’s legal existence and a document identifying the company’s managers and beneficial owners (you may refer to the list of the documents mentioned in this guide in the sectionabove).

If the UBOs of the company are not identifiable (public сompany, сomplex trust structures, etc.) please tick the respective box.

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

If your structure has several corporate layers, for example intermediary holding companies, please provide the relevant documents in respect of each company.

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

STEP 3. Information about Ultimate Beneficial Owners

You will be asked to provide information about the individuals who are considered to be the ultimate beneficial owners (for example, if they own at least 25% of the company) and upload a document confirming the beneficial ownership. Press “Add participant” to save the profile of each participant.

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

If the UBOs of the company are not identifiable, the physical person who holds the senior manager position is presumed to be the UBO. In this case the KYC check for the UBO has to be completed by the senior manager.

The beneficial ownership section ends with the identity verification: the applicant will be asked to upload an ID of each beneficial owner.

A small additional requirement: the applicant will be asked to confirm beneficial ownership of the applicant company by signing a form which will be sent to him/her by the compliance team.

STEP 4. Information about the representative of the company

The person creating the account in the name of a legal entity (the representative) is asked to indicate his/her name and upload a document confirming the authority to act on behalf of the company.

If the applicant is a director of the company, and if his/her name and position can be verified in a public corporate register, he/she can indicate this by ticking the box. In this case he/she will not be required to upload a document confirming the authority.

Once the representative is added to the form, he/she will be invited to pass a KYC check on theVNX Commodities’ platform.

You can add several individuals with representative powers.

STEP 5. Fill in KYC Questionnaire

Fill in a questionnaire indicating the legal form, address of the registered office, date of incorporation, date of entry in the commercial register, VAT number, the business activity, the purpose of opening an account on the Platform and the expected volume of transactions, and other financial details such as the source of funds of the legal entity and the amount of its assets and revenues.

STEP 6. Check and submit

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

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

The compliance team will contact you if any additional clarifications and/or documents are needed.

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

Start KYB now.