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 a form will need to be filled out and provided to our customer ops team that includes all relevant information for KYC/KYB. Ask your solutions engineer or customer ops representative about our Beneficial Onboarding Form if working with entities on your platform.

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!

Steps

  1. Create a personal-identity for the highest shareholder of the business looking to onboard in your application.
POST /api/trust/v1/identity-containers

//Sample Request 

{
  "firstName": "John",
  "middleName": "Second", 
  "lastName": "Doe",
  "phone": "+12025550165",
  "email": "[email protected]",
  "address": { 
    "street1": "4220 Davisson Street",
    "postalCode": "46173",
    "city": "Rushville",
    "state": "IN",
    "country": "US"
  },
  "dateOfBirth": "1995-04-25", 
  "ssn": "305464885"
}
  1. Create a business-identity and populate all of the relevant information. The field identityContainerId in the request schema will be the id of the identityContainerId you created for the beneficial owner in step 1. This will link the business with it's primary beneficial owner.
POST /api/trust/v1/business-identities

//Sample Request

{
  "identityContainerId": "3fa85f64-5717-4562-b3fc-2c963f66afa6",
  "companyName": "Oil and Co",
  "ein": "12-3456789",
  "website": "https://cloud.smartdraw",
  "phone": "+12196041358",
  "email": "[email protected]",
  "address": {
    "street1": "4220 Davisson Street",
    "street2": "4220 Davisson Street",
    "postalCode": "46173",
    "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",
    "city": "Rushville",
    "state": "IN",
    "country": "US"
  },
  "naics": "22",
  "naicsDescription": "Utilities"
}

3.* If the business has more than one BO, we will provide you with a form you can pass along to your customer that will need all the relevant KYC/KYB information filled out. Those BOs will also need to provide their proof of ID as well. This form, as well as any other documents can be uploaded to the business-identity with the following call

POST /api/trust/v1/business-identities/{businessIdentityId}/documents

//Sample Request
//multipart/form-data

DocumentType : "proofOfCompanyFormation" // [ other, proofOfAddress, proofOfCompanyFormation ]
DocumentFront : "string"($binary)
DocumentBack : "string"($binary) //optional, used for Driver's License or Government IDs

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Supported File Types At This Time

".PNG",
".JPEG",
".JPG",
".JPE",
".JIF",
".JFIF",
".PDF"

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.

POST /api/trust/v1/business-identities

//Sample Request

{
  "identityContainerId": "3fa85f64-5717-4562-b3fc-2c963f66afa6",
  "companyName": "Oil and Co",
  "ein": "12-3456789",
  "website": "https://cloud.smartdraw",
  "phone": "+12196041358",
  "email": "[email protected]",
  "address": {
    "street1": "4220 Davisson Street",
    "street2": "4220 Davisson Street",
    "postalCode": "46173",
    "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",
    "city": "Rushville",
    "state": "IN",
    "country": "US"
  },
  "naics": "22",
  "naicsDescription": "Utilities",
  "beneficialOwners": [
    "bd9a7eb3-c211-4cbd-b488-84m660a5d041","9adad31e-27d6-46d9-80d6-fa5b778c1fb8"
  ]
}