Know Your Business (KYB) is required when your client is a company, trust, or other legal entity rather than an individual person or joint / multiple individuals. Workflow handles the entity lookup automatically and prompts the relevant individuals to complete their own identity verification.
When KYB applies
Run KYB whenever your client is not a natural person. Common scenarios include:
A company purchasing or selling property
A family trust (often with a husband and wife as trustees, or a corporate trustee)
A self-managed super fund (SMSF)
A charity, estate or society
If your client is an individual acting in their own name, standard KYC (Know Your Customer) is sufficient. If there's an entity involved, KYB applies.
What happens during a KYB check
When you run a KYB check in Workflow:
You enter the entity's registered name
Workflow automatically looks up the entity's details from the company register (ASIC for Australian entities) and will display the ABN/ACN if known
Workflow identifies the beneficial owners which is any director or person owning more than 25% of the entity
Those individuals can then be sent a KYC verification request (the same identity check an individual client would complete)
Once all required individuals have verified, the KYB check is complete
How to start a KYB check
Open or create the relevant case
In the client section, select Company / Trust / Entity as the client type
Enter the entity's name
Review the entity details Workflow returns and confirm this is the correct entity. You may get multiple results return, so be sure of which you select.
Workflow will list the beneficial owners to be verified.
Send client verification requests to each owner directly from Workflow
Common scenarios
Family trust with husband and wife as trustees:
Both trustees will be identified and sent verification requests. If a corporate trustee is also involved, the directors of that company who own more than 25% will also be included.
Company with one director:
If the director owns more than 25%, they receive a verification request. If ownership is spread across multiple people each holding less than 25%, Workflow will identify those above the threshold, or prompt you to confirm ownership structure.
Joint property purchase (two individuals and a company):
The two individuals can be verified with standard KYC. The company requires KYB, including verification of any director or person owning more than 25%.
Is KYB much more work than standard KYC?
Not by much, because we make it easy for you. The entity lookup is automatic and takes seconds. The main additional step is waiting for the beneficial owners to complete their individual verification. It uses the same mobile-friendly verification flow as individual clients and Workflow walks you carefully through each step.
For most straightforward entity types, KYB adds only a small amount of time to what is already a quick process.
What if the entity structure is complex?
For highly complex structures such as multiple layers of trusts, overseas-registered entities, or structures with many beneficial owners, the process is the same. You can reach out to APLYiD support for guidance if you have any questions.
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