Beneficiaries are Individuals or Businesses that will send or receive payments.

For compliance purposes, every beneficiary is also considered the originator of the funds. This means that when a beneficiary is created and a payment is initiated, the beneficiary will be regarded as the source of the funds.

Any beneficiary registered with Lumx must undergo a Know-Your-Customer (“KYC”) or Know-Your-Business (“KYB”) process, depending on its type (individual or business).

 The KYC/KYB verification process includes the collection of essential information, including:

  • Full name, address, and identification details for individuals involved;

  • Corporate structure, tax ID, and registration documents for businesses;

  • Proof of identity, address, and relevant financial information.

For a full breakdown of required documentation for each beneficiary type, please refer to the Compliance Requirements page.

By registering your users with Lumx through the Customers API, you can enable seamless transfers of stablecoins or fiat currencies from or to your users’ wallets or bank accounts. You can directly pass the KYC/KYB information to Lumx, providing developers with full flexibility to manage how they collect customer data while we ensure compliance with local Anti-Money Laundering (“AML”) and Counter-Terrorist Financing (“CFT”) regulations.