The Identity checks include verifying the submitted name and TIN / EIN, performing sanctions watchlist screening on the business and beneficial owners, verifying the businesses submitted address, checking whether the business has active Secretary of State filings, reviewing web presence, and flagging businesses in high-risk industries.
The Beneficial Owner checks can determine if Beneficial Owners of the business are on Sanctions watchlists. In the future, we will add support for full KYC of beneficial owners.
The below table shows what information is required for KYB checks. If the various optional fields are collected, Modern Treasury can use this information for additional verifications (e.g. phone validation, taxpayer identifier matching, risky industry classification, etc.).
|Business name, address.
|Phone, website, taxpayer identifier.
|Name, date of birth, address.
Updated 5 months ago