There is no fixed deadline for a KYB check anywhere. KYB, the abbreviation for Know Your Business, is the check that a bank or insurer uses to determine who is behind your business and whether that business is who it claims to be. The processing time does not depend on a law or regulation, but on how complete your file is when you submit it and on the internal procedures of the institution carrying out the check.
In practice, you usually see a period of several days to several weeks. Institutions with a simple structure and up-to-date documents are often faster than companies with multiple shareholders, a foreign parent structure or intermediate holdings. Where the process slows down is almost always the same: an extract that has just expired, a UBO declaration that does not match the Business Register, or a question that only surfaces late in the process.
Which steps determine the processing time
A KYB check usually consists of a number of sequential steps. First, the institution requests basic information: Business Register extract, articles of association, an organogram of control. This is followed by the UBO test, which establishes who the ultimate beneficial owners are, the so-called UBOs (Ultimate Beneficial Owners), and whether their identity has been verified. The institution then tests that information against its own risk criteria, and only after that test does a decision follow. Each step takes time, and incomplete submission in step one has repercussions in all subsequent steps.
How much time each step takes varies from bank to bank and from insurer to insurer. Some institutions use a portal where you can track the status, others only get in touch if something is missing. For a clear picture of what exactly is being asked and why, it is useful to know in advance which concepts appear in such a request; in the knowledge base by topic this is explained before you get started.
Where it gets stuck in practice
The most common delay is not caused by the check itself, but by documents that are no longer correct. A Business Register extract becomes outdated within a few months, an organogram is not updated after a share transfer, and a UBO's ID document has meanwhile expired. Institutions then ask again, and that follow-up question often takes longer than the first request, because it was not on your agenda.
A second source of delay is a mismatch between what is in the Business Register and what the institution already knows itself, for example from previous checks. With cross-border structures, there is also the fact that foreign registers do not always provide the same information or the same level of currency as the Dutch Business Register, which is why an institution requests additional evidence.
Periodic review, not a one-time action
A KYB check is usually not a one-time event. Banks and insurers repeat the test periodically, and the frequency depends on the risk profile they assign to your business. This means that the same questions come back after some time, often with a request for more recent documents. Those who gather their documents separately for each request start from scratch each time; those who maintain a permanent file only need to check what has expired.
What you can do yourself to limit delays
The most important factor within your control is whether your documents are up to date at the time of inquiry. This does not mean you have to continuously update everything, but rather that you know which document expires when and who within your organization is responsible for it. For sensitive documents such as identity documents and shareholder information, it is also relevant to know how such data are stored and shared; this is explained on the page about how data and documents are secured .
Whether a KYB question from your bank or insurer requires a lot or little preparation for your organization varies depending on the situation. With a few questions you get an indication via the recognition check of five questions, and on the page that explains where the information in a chain file comes from you can see how such a file is structured. For your own situation, and for questions about what a specific institution exactly requires, it is advisable to contact the bank or insurer directly, or with an advisor who knows the exact procedure.
Would you like to get a general picture first before you start collecting documents? Take the free quick-scan or read the topics that are relevant for your sector; that takes a few minutes and gives you an immediate indication of where you stand.