When you make your first investment on AngelList through a new investment entity, KYC (Know Your Customer) or KYB (Know Your Business) verification is required to satisfy the Fund’s banking partner’s requirements. Each new entity you invest through must be verified, even if you have completed KYC/KYB for a different entity previously. The investment will remain pending until the KYC/KYB process is fully completed.
The specific information required for KYC/KYB varies depending on the type of investment entity:
- Individual Investors: Submit personal identifying information (e.g., name, date of birth, address, social security number, etc.) and, if required, additional ID verification and source of funds documentation.
- Companies: Required information includes the company address, incorporation date, EIN (if applicable), information for a control person, etc. Ownership information for anyone with a 25% or greater stake in the company is also needed. Documents to verify entity registration and ownership structure may be requested.
- Trusts: Provide information for the trustee. If the trustee is a corporation, details of an individual who serves as a control person for that entity are needed.
In some cases, AngelList’s KYC team may follow up to request additional documents for verification. These may include proof of entity registration, personal details and a photo ID for the control person, and personal details and photo ID for the ultimate beneficial owners (those holding a significant stake in the entity).
Standard processing times after submission of complete information are:
- Individuals: 3 business days
- Companies/Trusts: 3 business days
- Entities owned by other entities: 5 business days
Funds received before verification remain in the investor’s account and can only proceed once KYC/KYB is complete. For time-sensitive deals, investors are advised to fund the account while initiating the KYC/KYB process. Complex structures or incomplete information may extend processing times. AngelList’s team will reach out if more information is needed, so be sure to monitor the primary email linked to your account.
Compliance with U.S. Regulations: In line with the US PATRIOT Act and the Bank Secrecy Act, financial institutions are required to implement anti-money laundering compliance programs. Consistent with these legal requirements and industry best practices, AngelList’s KYC/KYB process mandates beneficial ownership and identity verification for all individuals, beneficial owners, companies, and trusts investing through the platform. This process is vital for maintaining a secure, compliant environment for all AngelList investors.