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Corporate due diligence and KYB

CorporatesCorporates Business entities that can be onboarded as identities on Weavr. Corporate identities represent companies and require Know Your Business (KYB) verification. They can have multiple authorised users and issue cards to card assignees. being onboarded need to complete KYBKYB Know Your Business - the identity verification process for corporate identities. This process allows you to seamlessly and securely verify your business customer's identity. Weavr will ask users to submit the necessary information and documentation so that they can get approved by financial providers. (Know Your Business) before they can use any financial service. This involves submitting due diligence information and documents through our web KYB component, which embeds the entire verification flow in your app so the root userRoot user The individual who creates the identity. For corporate identities, the root user needs to be a legal representative of the corporate such as a director or a representative who has the power of attorney over the company. For consumer identities, the root user is the owner of the identity. Every identity must always have one root user. doesn't need to leave it.

Web only

The KYBKYB Know Your Business - the identity verification process for corporate identities. This process allows you to seamlessly and securely verify your business customer's identity. Weavr will ask users to submit the necessary information and documentation so that they can get approved by financial providers. component is available for web apps. It is not supported in the mobile SDKs.

What we collect​

The first screen shown in the KYBKYB Know Your Business - the identity verification process for corporate identities. This process allows you to seamlessly and securely verify your business customer's identity. Weavr will ask users to submit the necessary information and documentation so that they can get approved by financial providers. UI component requires the root userRoot user The individual who creates the identity. For corporate identities, the root user needs to be a legal representative of the corporate such as a director or a representative who has the power of attorney over the company. For consumer identities, the root user is the owner of the identity. Every identity must always have one root user. of the corporate to view and consent to the Terms and Conditions.

Terms acceptance

Following acceptance of the Terms and Conditions, the root userRoot user The individual who creates the identity. For corporate identities, the root user needs to be a legal representative of the corporate such as a director or a representative who has the power of attorney over the company. For consumer identities, the root user is the owner of the identity. Every identity must always have one root user. is asked some questions that serve to determine whether the corporate can be classified as a micro-enterprise.

Micro-enterprise classification

Micro-enterprises are corporatesCorporates Business entities that can be onboarded as identities on Weavr. Corporate identities represent companies and require Know Your Business (KYB) verification. They can have multiple authorised users and issue cards to card assignees. that are smaller than SMBs and need to be treated as "retail" end customers, in effect similarly to consumersConsumers Individual persons who can be onboarded as identities on Weavr. Consumer identities represent individual customers and require Know Your Customer (KYC) verification. For consumers, the card owner and card assignee are typically the same person.. Classifying a corporate as a micro-enterprise has an impact on certain services that can be offered.

The following types of organizations can be onboarded:

  • Private limited liability company (Ltd Co / LLC / GmbH)
  • Partnerships
  • Public limited company (plc)
  • Sole traders (currently registered in the UK, Italy, Germany and the Netherlands only)

The following information is captured as part of the standard due diligence process, for a private limited liability company:

  • Basic details about the identity
    • Name
    • Registration country
    • Registration number
    • Date of incorporation
    • Company contact phone and email
    • Addresses:
      • Registered address
      • Business address, if different from the registered address
      • Correspondence address, if different from the registered address
  • Copies of documentation including:
    • Certificate of Incorporation
    • Articles of Association (last amendment)
    • Recent commercial registry extract clearly showing company structure including UBOs (ultimate beneficial owners)
    • Proof of business address such as a copy of a bank statement or lease agreement in the name of the business
    • UBO Declaration Form identifying all UBOs (owning 25% or more)
  • List of UBOs owning at least 25% of the company. Proof of Identification and Proof of Address for each UBO is to be submitted by the Admin user (or appointed representative).
  • KYCKYC Know Your Customer - the identity verification process for consumer identities. This process allows you to seamlessly and securely verify your user's identity. Weavr will ask users to submit the necessary information and documentation so that they can get approved by financial providers. verification of at least one director or authorized representative (with Power of Attorney)
  • List of current company directors
  • Questionnaire including, but not limited to, sections covering:
    • Business website URL or similar marketing information
    • Business activities
    • Expected source of funds to be deposited in identity accounts
    • Projected transactions

Start KYB​

Prerequisites​

KYBKYB Know Your Business - the identity verification process for corporate identities. This process allows you to seamlessly and securely verify your business customer's identity. Weavr will ask users to submit the necessary information and documentation so that they can get approved by financial providers. can start only after the root userRoot user The individual who creates the identity. For corporate identities, the root user needs to be a legal representative of the corporate such as a director or a representative who has the power of attorney over the company. For consumer identities, the root user is the owner of the identity. Every identity must always have one root user. has verified their email address. Attempting to start KYBKYB Know Your Business - the identity verification process for corporate identities. This process allows you to seamlessly and securely verify your business customer's identity. Weavr will ask users to submit the necessary information and documentation so that they can get approved by financial providers. before email verification completes results in an error.

Trigger the KYB process​

Call the API to trigger KYBKYB Know Your Business - the identity verification process for corporate identities. This process allows you to seamlessly and securely verify your business customer's identity. Weavr will ask users to submit the necessary information and documentation so that they can get approved by financial providers.:

POST/corporates/kybTry it 
{
  "reference": "string"
}

The response body contains a reference parameter. Use this value to initialize the KYB UI component.

You can get updates on the corporate's KYBKYB Know Your Business - the identity verification process for corporate identities. This process allows you to seamlessly and securely verify your business customer's identity. Weavr will ask users to submit the necessary information and documentation so that they can get approved by financial providers. status by listening to the corporate KYB webhook. For more information on integrating with our webhooks, see the webhooks guide.

Retrieve the KYB status of a corporate​

To determine the KYBKYB Know Your Business - the identity verification process for corporate identities. This process allows you to seamlessly and securely verify your business customer's identity. Weavr will ask users to submit the necessary information and documentation so that they can get approved by financial providers. status of a corporate, call:

GET/corporates/kybTry it 
{
  "kybStatus": "NOT_STARTED",
  "ongoingKybStatus": "NOT_STARTED"
}

The kybStatus field returns the KYBKYB Know Your Business - the identity verification process for corporate identities. This process allows you to seamlessly and securely verify your business customer's identity. Weavr will ask users to submit the necessary information and documentation so that they can get approved by financial providers. status for the corporate.