When you invest through an investment entity on AngelList Venture for the first time, we require the entity to be KYC (Know Your Customer) or KYB (Know Your Business) verified.* KYC must be completed every time an investor makes their first investment through a new entity, regardless of whether they’ve completed the process before via a different entity. Until this KYC/KYB verification is complete, your investment will not complete.
The KYC/KYB process on AngelList will vary depending on how you are investing.
- In most cases, individual investors will simply have to provide personal information to prove who they are (ie. date of birth, address, etc.), state their source of wealth, and potentially upload ID documents.
- Investors using companies to invest will need to submit identifying entity information (ie. company address, incorporation date, potentially an EIN etc.), provide identifying information for anyone who has a claim to 25% or more of the entity’s assets, as well as a control person for the entity. They may also need to upload evidence of entity registration and information about the entity’s ownership structure.
- Investors using trusts to invest will need to provide identifying information for the trustee (or, if the trustee is a corporation, for an individual who is a control person of that corporation).
The KYC or KYB link will only work for the account owner.
The standard timeline for processing KYC checks on AngelList is as follows:
- Individual: 3 business days after all required information is submitted.
- Company/trust: 3 business days after all required entity and individual information is submitted.
- Trust/company owned by another entity: 5 business days after all required entity and individual information is submitted.
Money that’s received before the KYC process is complete will remain in the investor’s funding account. If you are making a first investment through a new entity and the deal is closing soon, we encourage you to fund the investment in parallel with the KYC process.
Note: Most entities will be able to complete the KYC verification process within the timelines above. However, for more complicated entities, processing may take longer. Our teams will reach out within the timelines above, but completion of the process requires responsiveness from LPs. We will reach out to the primary email tied to the AngelList account, so please be sure you check this email regularly.
For LPs that sign for investments that have tight closing days, our teams will prioritize the verification of these entities. However, our ability to complete KYC verification is contingent on LP responsiveness.
*The US PATRIOT Act and the Bank Secrecy Act require financial institutions to have anti-money laundering compliance programs. Consistent with these requirements and industry best practices, AngelList requires beneficial ownership information and identity verification for all individuals, beneficial owners, companies, and trusts seeking to invest through AngelList as part of our KYC/KYB verification process.