When you fill in a KYB checklist from your bank or insurer, it almost always goes wrong at the same point: the data you provide does not exactly match what is already registered at the Chamber of Commerce and in the UBO register. A different spelling of the company name, an expired extract, or a director who has since been replaced but is still listed as a contact person: these seem like small things, but in practice they cause the most delays.
KYB stands for Know Your Business: the check that banks and insurers are obliged to perform on business customers, among other things to determine who is behind a business and whether that matches what public registers show. This check is partly automated: the bank's system compares what you enter with the current status at the Chamber of Commerce and the UBO register. As soon as a discrepancy occurs, the application jumps to an employee who has to investigate it manually, and that takes time.
Why small discrepancies cause major delays
A KYB check is essentially a comparison between sources. The bank or insurer not only looks at what you yourself enter, but compares it with the Chamber of Commerce register, the UBO register and sometimes its own list of sanctions and risk checks. As long as everything matches, the application proceeds automatically. As soon as something differs, even if unintentional, the application is held up until someone has checked it manually. For the entrepreneur, this often feels arbitrary, whereas it is usually just a detail that is no longer correct.
The errors that occur most frequently
The most common mistake is an outdated extract: the checklist asks for a Chamber of Commerce extract, but the copy that is uploaded is a few months old and misses a recent change of director. Next comes the company name that is spelled slightly differently than in the trade register, for example with or without the legal form added. A third common error is a UBO that according to the register is still listed, while the shareholding has actually changed internally but has not yet been reported to the register. It also happens that the contact person filling in the checklist is not the same as the authorized signatory director, which causes the bank to ask for additional documents to confirm authority. Finally, a recent identity document of the UBO is often missing, although it often has a limited validity period.
None of these points is complicated in itself. The problem is that they only become apparent once the checklist has already been submitted, and then you still have to go back to fix something that you could have prevented with a brief check beforehand.
How to avoid this
The core is simple: compare before you submit. Obtain a current extract from the Chamber of Commerce, check that the company name matches exactly what you enter, and verify that the UBO data still match the actual situation. Also pay attention to the validity period of identity documents; they expire and are then no longer accepted. Anyone who has these documents ready before the checklist arrives does not need to search for the latest version every time. In the knowledge base where each topic has been researched to show exactly what a KYB checklist asks for there is an overview of the documents that are usually requested and where they come from.
It also helps to know in advance how many of these checklists your business actually receives and which of them work with the same basic data. With a few questions you can immediately see where your business approximately stands, without having to provide anything or log in to a bank or insurance company portal.
What this does and does not solve
A well-maintained file prevents most delays, but it does not replace the bank's or insurance company's own assessment. They determine themselves which documents they need and when an application is complete; we do not read those questionnaires and do not log in anywhere on your behalf. If anything remains unclear about what a specific institution is asking for exactly, the customer service of that bank or insurance company is the right place to ask. For questions about your own situation, for example when a UBO change must formally be reported, a lawyer or the Chamber of Commerce is the right contact.
In the frequently asked questions about what you do and do not have to share with a customer it is explained which data are standard requests and which of those remain optional. And if you want to know how we compile the information in the knowledge base and why it is freely accessible, you can read that on the page that explains where the information comes from.
Do you want to quickly see how your company is doing before the next KYB questionnaire arrives? The free quick scan gives a first indication in a few minutes, without obligations.