Know your business

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,

1. Log in to your Salesforce account.
   

2. Go to (App Launcher) > in the Quick Find box, search for Applications.
   

3. From the list of applications, select the required application ID. 
   

4. Go to the Parties tab, and then select the required business account.
   

5. 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. 

6. 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. 

Errors

The following are the status codes and error messages: 

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