Modern Treasury can help you perform Know Your Business (KYB) checks on businesses, reducing fraud and helping you comply with BSA / AML regulations.
Modern Treasury can verify the legitimacy of a business with business's name, address, and tax ID (e.g. EIN) against available records from government databases (e.g. IRS, Secretary of State filings, etc.).Modern Treasury can verify that the submitted name and tax ID combination match, using information from the IRS. State registration filing information is searched, and these records can contain information about a business's name, registration date, entity type, registered addresses, and corporate officers. A detailed address analysis is performed using information submitted and from state filings and web presence; deliverability and type of address (e.g. commercial, residential, etc.) is assessed. Modern Treasury searches for the business across search engines to find the company's online presence (e.g. on Facebook and Google Places) and extracts business details if a website is provided. Modern Treasury can perform KYC on submitted beneficial owners of the business. The business and beneficial owners can be screened against sanctions watchlists at onboarding and on a continuous basis afterwards.
Modern Treasury's decisioning settings help you automate decisioning to reduce operational costs and improve onboarding conversion. If an onboarding is approved, a Counterparty is created in Modern Treasury.
There are two options for integrating with KYB checks. You can embed a pre-built onboarding UI in your application to quickly build an onboarding flow without needing to touch sensitive data like social security and bank account numbers. You can also send data via API to have full control over the onboarding experience.
Updated 4 months ago