Corporate due diligence and KYB

CorporatesCorporates (Corporate Identity). Business entities that can be onboarded as customers on Weavr. Corporate customers 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). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval 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 userThe individual who creates the customer. For corporates, the root user needs to be a legal representative of the company, such as a director or someone with power of attorney. For consumers, the root user is the customer. Every customer must always have one root user. doesn't need to leave it.

Web only

The KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. component is available for web apps. It is not supported in the mobile SDKs.

Who it applies to

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)

Required information

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

Basic details of the corporate

• 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

• 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)

Directorship and Ultimate Beneficial Owner (UBO) information

• 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). Know Your Customer - the identity verification process for consumer customers. This process allows you to securely verify your user's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. verification of at least one director or authorized representative (with Power of Attorney)
• List of current company directors

Questionnaire

This includes, but not limited to, sections covering:

• Business website URL or similar marketing information
• Business activities
• Expected source of funds to be deposited in the customer's accounts
• Projected transactions

Start KYB

Prerequisites

KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. can start only after the root userRoot userThe individual who creates the customer. For corporates, the root user needs to be a legal representative of the company, such as a director or someone with power of attorney. For consumers, the root user is the customer. Every customer must always have one root user. has verified their email address. Attempting to start KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. before email verification completes results in an error.

Start the KYB process

Call the API to trigger KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers.:

POST/corporates/kybOpen reference →

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). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. status by listening to the corporate KYB webhook. For more information on integrating with our webhooks, see the webhooks guide.

Managed onboarding

Weavr also offers a managed onboarding service. On managed-onboarding programmesProgrammeA programme represents your application within Weavr. Everything you create - customers, instruments, and transactions - sits beneath a programme. When you register as an Embedder, you receive a programme in the Sandbox and, once approved, one in Production., you cannot start KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. until Weavr's compliance team has prepared the corporate's KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. case. Until then, the endpoint returns MANAGED_ONBOARDING_PENDING, no run exists, and corporateKybStatus is NEW.

When preparation completes, the corporate KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. status webhook reports corporateKybStatus as PENDING with a run in COLLECTION.READY_TO_START. This is the signal to call Start KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers.. The call then succeeds, and opening the KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. UI Component moves the same run to COLLECTION.IN_PROGRESS.

Self-service programmesProgrammeA programme represents your application within Weavr. Everything you create - customers, instruments, and transactions - sits beneath a programme. When you register as an Embedder, you receive a programme in the Sandbox and, once approved, one in Production. are unaffected. Their first run is created in COLLECTION.NOT_STARTED when the corporate calls Start KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers., and they never receive COLLECTION.READY_TO_START.

Corporate KYB status

The corporateKybStatus determines whether the corporate can use financial services:

corporateKybStatus	Meaning
NEW	The corporate has not been through KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers..
PENDING	A KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. run is in progress or the corporate is being reviewed again.
APPROVED	The corporate may use financial services.
REJECTED	The corporate was not approved.
CLOSED	The corporate can no longer use financial services.

A corporate that has previously been approved can later require additional due dilligence checks, and can revert to PENDING.

This overall corporate status is based on the status of specific KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. runs - a instance of the KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. process.

KYB runs

A KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. run is one verification attempt.

KYB run status

status	Meaning
COLLECTION.NOT_STARTED	Data collection has not begun. This occurs only for self-service onboarding.
COLLECTION.READY_TO_START	In managed onboarding, Weavr has prepared the KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. case and the corporate can now start KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers..
COLLECTION.IN_PROGRESS	Information is being collected.
REVIEW.IN_PROGRESS	The submitted information is under review.
RESUBMISSION.IN_PROGRESS	More information was requested and is being resubmitted.
KYB_RUN.APPROVED	The corporate was approved.
KYB_RUN.REJECTED	The corporate was rejected.
KYB_RUN.CANCELLED	The KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. run was canceled, e.g. because it was replaced by a new run, or the corporate was deactivated.

Managed onboarding

A managed run will not move to COLLECTION.READY_TO_START until Weavr preparation has been completed.

A managed-onboarding run can also move directly from COLLECTION.READY_TO_START to KYB_RUN.REJECTED if the corporate is declined before KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. starts.

Retrieve the KYB status of a corporate

To determine the KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. status of a corporate, call:

GET/corporates/kybOpen API reference →

/corporates/kyb

Field	Meaning
id	Identifier of the run.
runType	INITIAL_ONBOARDING for the first verification, or REFRESH for a later re-check.
status	Where the verification attempt is. Parse the complete dotted value exactly as sent.
startedTimestamp / endedTimestamp	When the run started and finished. endedTimestamp is absent while the run is open.
regulatoryFi	The regulatory financial institution whose license the run verifies the corporate against.
notes	Any compliance note attached to the run.

GET /corporates/kyb returns all runs in kybRuns[].

You can also use our webhooks (see below).

Cancel a KYB run

An open run can be canceled from any state. You might want to do this because:

• it was replaced by a new run
• incorrect information was submitted

A run is automatically cancelled if the corporate was deactivated.

Webhooks

We send a webhook whenever a corporate's KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. status is updated. The payload includes the latest KYBKYB (Know Your Business). Know Your Business - the identity verification process for corporate customers. This process allows you to securely verify your business customer's identity. Weavr asks users to submit the information and documentation they need for approval by financial providers. run for each regulatory financial institution.

POST/corporates/kyb/watchOpen API reference →

/corporates/kyb/watch

{  "corporateId": "string",  "corporateEmail": "string",  "status": {},  "details": [    "UNDEFINED_REQUIRED_INTERVENTION"  ],  "rejectionComment": "string",  "ongoingStatus": {},  "corporateKybStatus": {},  "kybRuns": [    {      "id": "string",      "regulatoryFi": "string",      "status": {},      "runType": {},      "startedTimestamp": "string",      "endedTimestamp": "string",      "notes": "string"    }  ]}