Know Your Business (KYB) is a necessary verification step required before we can activate your Icon account. It confirms that the businesses we work with are legitimate and ensures we meet federal compliance requirements.
What KYB Is
KYB stands for Know Your Business. It’s part of federal regulations under the Bank Secrecy Act and USA PATRIOT Act, designed to prevent fraudulent activity. This process is very similar to what you’d go through when opening a business bank account or setting up a 401(k) plan.
Why Icon Requires It
To activate your account, we must verify both the controllers (individuals with significant responsibility to manage the business) and all beneficial owners who own at least 25% of the business.
This step is required before any employee accounts are set up or before contributions can be made.
How the Process Works
Automatic verification – In many cases, the check happens instantly during account creation.
Additional information – If more details are needed, we’ll send you a secure Docusign form with instructions (ex. EIN Verification, Owner SSN Verification, Business Address Verification).
Final review – Once verified, we’ll move forward with activating your plan.
Your privacy is a top priority. We only use your information for this initial verification. We do not share your data beyond what’s required to complete the process.