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KYC, KYB, and their importance for Solar Staff
KYC, KYB, and their importance for Solar Staff
Denis Petrov avatar
Written by Denis Petrov
Updated over a week ago

Solar Staff streamlines work by automating the document flow and payments to distributed teams and freelancers.

The crucial elements of that process are “Know Your Customer” (KYC) for individuals and “Know Your Business” (KYB) for companies. They involve collecting and verifying information about the service’s users, assessing their reliability, and constantly monitoring activities in the service.

What is the purpose of KYC and KYB?

Like many online platforms, Solar Staff might be misused for illegal purposes. Fraudsters may use sham or somebody else’s documents, represent non-existent companies or companies undergoing liquidation, or be involved in laundering criminal proceeds. Even a potential connection to an illegal transaction represents a reputational risk that can lead to business losses.

Solar Staff has implemented special measures based on the current EU legislation and international best practices to minimize these and other risks. Two such measures are KYC and KYB.

What are the benefits of KYC and KYB for the users?

Compliance control as per international standards

Solar Staff is committed to upholding laws, ethical norms, and international and professional standards. It enables us to ensure compliance and maintain an impeccable business reputation, so you can rest assured your documents are safe with us.

Maximum protection against untrustworthy partners

We work to ensure security, reliability and legitimacy of all interactions among parties in Solar Staff. It is difficult to determine if a partner is reliable on your own, especially when working remotely (often in different countries). KYC and KYB procedures help mitigate compliance risks for all parties, as the service takes care of user verification and due diligence.

We help freelancers work only with legitimate businesses that have not been blacklisted in international databases. For clients, we provide an opportunity to do a check on a freelancer before setting a task.

Compliance with different countries’ restrictions and prohibitions

International activities carry the risks of restrictions, sanctions, and prohibitions by different countries. For example, clients from one country may be subject to restrictions on engaging freelancers from another country. For this reason, we may ask you for more detailed information about your business and plans before finalizing our relationship to help you and the other parties comply with local laws.

Round-the-world operations

Most business partners that are based in different countries, especially banks and payment systems, are only willing to work with companies that have in place appropriate anti-money laundering and counter-terrorist financing measures. The more robust the compliance, the higher the trust among all the stakeholders. This yields more opportunities for withdrawing funds around the world and access to new services for Solar Staff users.

Increased withdrawal limits

Thanks to Solar Staff’s KYC efforts, freelancers working through us enjoy increased withdrawal limits. Unverified Russian freelancer individuals can withdraw up to RUB 15,000 per year, while verified ones can withdraw as much as up to RUB 450,000 per month.

Higher convenience for users

KYC and KYB help us better understand your activities, specialization, and priorities. With this in mind, we adapt to your needs and improve our services.

Is my data protected?

For our KYC and KYB procedures, we request the minimum required amount of information. It and any other user information received by Solar Staff is fully protected thanks to appropriate technical and organizational measures.

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