Know Your Business – Symphonix

InstantID Business Solutions helps validate and verify the identity of a business and authorized representatives of that business. The solution helps you quickly determine the linkage between a business and the authorized representatives and evaluate any inconsistencies that may be indicative of fraudulent activity. This business authentication process can assess data for the business entity alone, or assess both the business information and a set of consumer information for an authorized representative. InstantID Business is a suite of small business verification products that you can use to improve your verification processes. This helps in increased approval rates, standardize decisioning processes, reduce starting costs, and build consistency between front-end and back-end account workflows.

Any financial institution that majorly deals with monetary transactions requires to perform a KYB to verify the organizations it works with. This includes verification of the company registration, business license updates, and the identity of the owners. Requirements may range from addresses and date of birth to passport, driving license, and bank statement. Verifications are performed against a range of official and private resources in order to conduct KYB checks. These include publicly available government registries and records and global corporate registries. In establishing the identities of individuals that are employed by or associated with businesses, it may be necessary to collect official materials such as passports, driving licenses, and bank statements, along with proofs of addresses and dates of birth.

The objective of KYB is to assess the entities and understand the Anti-money Laundering or Countering Financing of Terrorism(CFT) risk that new and existing business relationships pose. The KYB process enables firms to examine the entities that they are dealing with and help them to determine whether they are authentic or are being used to conceal the identities of owners for illegitimate purposes.

KYB regulations generally require firms to perform suitable due diligence, collecting and analyzing a range of data and information on the businesses with which they have relationships. In order to establish beneficial ownership, KYB regulations may require identifying information such as:

Company address
Registration documents
Licensing documentation
Identities of directors and owners

Integration procedure

Prerequisites

Before you proceed to request KYB information, ensure that the following prerequisite is met:

LexisNexis package is Installed.
LexisNexis Integration is activated.
The custom KYB setting is created and the Use LN Business Instant Id for Auth Reps checkbox is selected.

Note

This checkbox must be selected to use LexisNexis for KYC verification. The system verifies up to five authorized representatives along with a Business.

Steps

To validate and verify the identity of a business and fetch the corresponding details,

Log in to your Salesforce account.
Go to (App Launcher) > in the Quick Find box, search for Applications.
From the list of applications, select the required application ID.
Go to the Parties tab, and then select the required business account.
Go to the Know Your Business section, and then select.

The Know Your Business page is displayed. This page has three sections named New Request, Details, and History.
Note
- If an only business has been sent for KYB then only the tab for business is displayed. If business and associated business are sent for KYC along with KYB for business then separate tabs for Business and authorized representatives or individuals are displayed in the KYB section.
- A maximum of five authorized representatives could be sent for KYC along with KYB.
- The authorized representative or individual tabs would only be displayed in case the Vendor used for KYC as well as KYB and information is sent in the same API call.
Select the required account name.

This section lists the Business and Individual entities with the following sub-sections:

Note

The associated KYC accounts details are also available in this section, to view the data select the individual account. This page displays the Link to the Business section which describes the code and the description of the associated business account.

Business Verification Summary

The summary of the KYB Request is displayed.

For example, Input business name address phone, and FEIN verified on a business record.
- Score Reason Codes
  
  The Reason Codes and their corresponding descriptions are displayed in this section.
- Indicators
  
  The following risk indicators are displayed in this section:
  - Name Mismatch
  - FEIN Mismatch: FEIN (Federal Employer Identification Number)
  - Residential Business
  - Global Watchlist Indicator
  - Address Mismatch
  - TIN Mismatch
  - OFAC: Optional results from a check of OFAC (Office of Foreign Assets Control) and other government screening lists.
  - PEP: Politically Exposed Person is an individual with a prominent public post or a public function. The PEPs fall under the category of high-risk customers by the financial institutions and thus need additional KYC.
  - Phone Number Mismatch

History

To view the history of request accounts, go to the History section.

This section lists the history details of Business and Individual entities, and the records are displayed for the same.

If you want to view the information from the previous calls made to LexisNexis Business InstantID you can do so by visiting this page.

Column	Information
Account Name	Name of the individual entity.
Transaction Date	The date, when the KYB request was sent to LexisNexis.
Vendor	The name of the selected service provider. Note LexisNexis for the KYB request.
Product	The name of the product rendered by the vendor.
Team Member	The name of the account holder availing LexisNexis service.
Action	Select View Data to view the KYB details or status of the request sent for the selected account. Note The associated KYC accounts details are also available in this section, to view the data select the individual account. This page displays the Link to the Business section which describes the code and the description of the associated business account.

Errors

The following are the status codes and error messages:

Code	Error Message	Description
400	Bad Request	The request was not understood (incorrect syntax).
401	Unauthorized	The required authentication was not provided.
403	Forbidden	The user does not have sufficient permissions for the resource.
404	Not Found	The requested resource could not be found by the server.
405	Method Not Allowed	The method specified is not allowed for the resource.
406	Not Acceptable	The server cannot generate an acceptable response.
407	Proxy Authentication Required	The client did not authenticate itself with the proxy – similar to an a 401 error (Unauthorized).
408	Request Timed Out	The server timed out while waiting for a client's request
409	Conflict	The request could not be completed due to a conflict with the current state of the resource.
410	Gone	The requested resource is no longer available. Similar to a 404 error, except the 410 error condition is assumed to be permanent.
411	Length Required	The server did not receive the required content length in the request.
412	Precondition Failed	A precondition given in one or more of the request-header fields was evaluated false on the server.
413	Request Entity Too large	The server cannot process the request because the request entity is too large.
414	Request URL Too Long	The server cannot service the request because the Request- URI(Uniform Resource Identifier) is too long.
415	Unsupported Media Type	The server cannot service the request because the format is not supported.
500	Internal Server Error	A backend server error occurred. Backend Server errors are passed through the 500 SOAP (SimpleObject Access Protocol) Fault object that will contain the code and description.
501	Not Implemented	The function was not implemented.
502	Bad Gateway	The server being used by this Web server sent an invalid response.
503	Service Unavailable	The service was unavailable due to temporary overload or maintenance.
504	Gateway Timeout	The server did not respond in time.
505	HTTP Version Not Supported	The server does not support the HTTP protocol version that was used in the request.

The following are the Backend Server Status Codes and Error Messages:

Code	Description
2	You need DPPA rights to see vehicle and driver's license data
3	Reports must supply DID, BDID, Unique Identifier, or ST + Vehicle Number.
11	The search is too broad.
23	License State and Number are both required for the search.
100	A SOAP connection error or a Database Error occurred.
203	Too many subjects were found.
301	Insufficient input.
302	At least three leading characters are required.
310	Incomplete address.
311	Highly-populated address.

Integration procedure

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History

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Errors

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