Business Identities

When onboarding a customer who is a business, There are additional steps needed in order to complete the KYB process. At a high level, the entity itself as well as the highest shareholder(beneficial owner) will need their information programmatically entered in through the API. If the entity has more than one beneficial owner, then you will need to create a personal-identity for each BO.

Who are the beneficial owners? Any shareholder in the business who owns 25% or more of the primary business. This can include both persons as well as other entities.

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New KYB Automation Live!

Check out the newest section below on KYB automation to make onboarding your entities as easy as ever!

KYB Automation

We've made some improvements to the API to allow automating the KYB upgrading of an entity. Follow the below steps to upgrade your businessIdentities KYC level.

• Create all beneficial owners personalIdentities before creating your businessIdentity. You will need to onboard anyone who is either 25%+ ownership of the primary entity, or an authorized signer/agent on behalf of the entity.
• Create your businessIdentity and pass through all of the personalIdentityIds of the beneficial owners in the new beneficialOwners Array.
• The businessIdentity's kycLevel will match the aggregate kycLevel of all of the attached personalIdentities

You will need to add all BO's and signers prior to upgrading the business identity. Once the kycLevel of the businessIdentity upgrades to anything past L0, you will no longer be able to modify the beneficial owner list.

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API KYB vs KYB Element

If using the KYB Elements Widget, your onboarding flow should run entirely through the widget rather than a mix of API and Widget to avoid any issues.

POST /api/trust/v1/business-identities

//Sample Request

{
  "identityContainerId": "3fa85f64-5717-4562-b3fc-2c963f66afa6",
  "companyName": "Oil and Co",
  "ein": "475265861",
  "website": "https://cloud.smartdraw",
  "phone": "+12196041358",
  "email": "[email protected]",
  "address": {
    "street1": "4220 Davisson Street",
    "street2": "4220 Davisson Street",
    "postalCode": "46173",//Must be in 5 digit format
    "city": "Rushville",
    "state": "IN",
    "country": "US"
  },
  "regionOfFormation": "IN",
  "description": "Some Company description",
  "establishedOn": "2000-03-04",
  "legalStructure": "ccorp",
  "mailingAddress": {
    "street1": "4220 Davisson Street",
    "street2": "4220 Davisson Street",
    "postalCode": "46173",//Must be in 5 digit format
    "city": "Rushville",
    "state": "IN",
    "country": "US"
  },
  "naics": "22",
  "naicsDescription": "Utilities",
  "beneficialOwners": [
    "bd9a7eb3-c211-4cbd-b488-84m660a5d041","9adad31e-27d6-46d9-80d6-fa5b778c1fb8"
  ]
}