Know Your Business (KYB) is required when your client is a company 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 a company is purchasing or selling property.
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 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
If a director owns more than 25%, you can send them a verification request. If ownership is spread across multiple people each holding more than 25%, Workflow will identify those above the threshold and also provide KYC prompts for these individuals.
Is KYB much more work than standard KYC?
Whether it is an individual or a company, 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.
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