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Full transcript of KYB Explained - Verify a Business From Registry to UBO, Start to Finish - Didit Academy video 6 of 10, 11:05. Watch on YouTube. Each paragraph links to the exact moment in the video.

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What this video covers

00:03 In this video, we’re going to verify a business from start to finish. Checking a company is more than confirming a name. You’ve got to look it up in the official registries, work out who really owns it, screen the business and its owners, and collect the right documents. Didit pulls all of that into a single workflow called KYB. We’re going to set it up, see what the company representative goes through, and then read the full result in the dashboard. 00:32 So, let’s get into it. All right. So,

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The business verifications dashboard

00:35 let’s navigate to the business verifications dashboard. So, this is KYB, know your business, and it verifies the company itself, its registry records, its owners, and you can see here, we’re going to go into detail on one of these checks. This particular business is under review. And again, this is a demo account with demo data. But you could see the checks that this business has gone through, the checks that have been approved and the warnings right here. 01:03 So, we’re going to go through each of these tabs and I’m going to explain the details of each of these checks. Now, if

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Filtering for businesses in review

01:10 you want to filter for all of the businesses that are under review, we can apply the filter in the status column. in review. You can see this particular business has been flagged on a lot of different fronts. Uh we can also check out some other ones here and we can see this business has been flagged on key people. So at the top just like with the user verification results we’ve got similar tabs and these tabs are related to the checks that this person goes through in a specific workflow. So up

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Warnings first

01:38 top as usual the first place to look is the warnings. Where has this particular business been flagged? So you can see company officers data not available. So that’s what we’re going to be looking at when we’re working through and figuring out if we can approve this business or not. Now we do have the business details

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Business details and vendor data

01:56 here. The country, the session ID, and the vendor data ID. Now, we’ve gone through this in previous videos. The vendor data is what ties all of the checks and all of the transactions under one profile. We can take a look at the session ID when it was created, the vendor data again, and and the workflow. So the workflow this particular business has gone through. We’ve got a cost breakdown here of all the checks that have been applied to this business. And that’s everything in the overviews tab. All right. So let me find another profile that’s got more checks here so can walk you through in a little bit more detail. Again, this is a different company. Again, demo data. Got the cost breakdown, possible match found in the AML screening. So we’re going to work through that. Let’s take a look at

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The registry check

02:43 the next tab. This is the registry check. This is going to happen with every business that you put through KYB. You can see the registry is active. Got the company name, the registration number, all of the information that we’ve pulled from the registry. So, there’s a lot of stuff in here. I’m not going to walk you through every single field. It’s going to be different for different countries, but just know there’s a bunch of checks running on this particular registry check. In the background, you can see company country accepted, the ownership data is available, the company is active, and all of these other checks. And if you want a little bit more info on these, you can just hover over and see a further explanation. So, if you’re responsible for coming in and reviewing these verifications, you can flick that to approve if you think that check is worth approving. So let’s move on to the

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Key people: shareholders, officers and UBOs

03:34 key people because a business is usually not just typically one person. There are many people involved and so we need to run checks on all of those people inside the business. All the shareholders, all the representatives that we can see here. There’s plenty of people in this business that we’re going to need to run checks on. So we’ve got a list, but we’ve al also got a hierarchy. We can see how that looks on this chart here. 03:56 So keep it as a list. We’re going to scroll down and again we’ve got a checks list. And if we hit this drop down, we can see there’s only one check happening here on the key people. But if we scroll up, we can see fully verified, all parties clear. So we could flick that to approved. Now, if we keep going, we can

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AML screening and ongoing monitoring

04:12 see the AML screening. So this is the same as the user verification, the KYC. And again, we’ve got a sanctions list that we’re going to be matching against. We can flick on ongoing monitoring if we want to keep monitoring this particular user on an ongoing basis. Instead of just running the check once, we can run that on a weekly, monthly basis. You can see there is a match here, but the match status is inconclusive. We could see the the lists that this particular business has appeared on. If we click the drop down on the checks list, we can see no AML matches found. AML screening performed. So, there was a match found here, but it’s it’s not a particularly high risk. We can see that there is a

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KYB documents and signature integrity

04:50 match found here, but again, inconclusive. We keep rolling with this. We got the KYB documents. We can see what’s been verified, what’s in review, and what’s declined. The corporate documents that were submitted, and the information that was pulled from these documents. We can also see the document integrity. Was it signed by pen or was it digitally signed? And that’s important to know, right? Because digital signatures are not as authentic as real signatures, right? We’ve got the checks list. Again,

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Device and IP analysis

05:18 these are all the checks that are running on these documents. Like we saw in the KYC, we’ve got the device and IP analysis looking at where the IP is for the verification device and then where the actual proof of address location is based. Again, if we want to see the checks that are running on the device and IP analysis, we can take a look

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The event log

05:35 here. And down here, we’ve got an event log. And this is probably going to be a little bit more busier than the KYC because there are going to be different people inside the business that are going to need to submit information. So, we’re able to see here when files were uploaded, when the statuses have been changed, when the session was created, including the IP address of each of these actions, and finally, we’ve got

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Webhooks

05:58 the webhooks at the bottom. So, when these webhooks were pinged, got all the

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Inside a KYB workflow

06:02 information of these webhooks inside of this dropdown. So, what does an actual KYB workflow look like? So, let’s just take a quick look inside the configure tab. We go into workflows and we can find a KYB workflow inside of here. Registry and documents. So let’s take a look at what a basic KYB workflow looks like. We start off with a registry check. Check the key people. And let me just show you what appears over here on

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The ownership threshold

06:30 the right hand side. So there’s a bunch of settings here that we can tweak. So the ownership threshold. So set the ownership threshold used to exempt low ownership owners from verification. you know, if somebody owns 1% of the company, there’s really no point in verifying that person. And we can set that threshold here by just using this slider. So, anybody who’s below this particular value is exempt from identity verification. So, in the settings tab over on the right, we can set the ownership threshold on UBO ownership and shareholder ownership. We can change that so anyone below the

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Party verification and reusing KYC sessions

07:04 threshold is exempt from identity verification. We can also select the party verification. You can select the ones in here. We can auto decline on UBO rejection. So if any UBO fails verification, we can just auto decline. Also, we want to wait for all of the UBO verifications before making a final decision. Uh we can turn that off if we want. We can reuse verified individuals. So we can reuse approved KYC sessions for the same person across KYB, which is pretty smart. And notify parties by email. We want to notify these people so we can get their verification for the KYB check. There is some more advanced settings here, but it’s not the scope of this video. I just want to work through what else we’ve got here in this workflow. We’ve got the AML screening. 07:47 So, very similar to KYC. We can set the risk threshold on here. Uh we’ve got the phone verification, email verification. Again, we’ve got a bunch of settings for each of these steps, but if you don’t really know what to configure, you can just leave everything as default. And the cool thing is you can have a conversation with Claude to set all of this up for you and it can walk you through all of the settings and you can just tell it your preference and it will know which setting to change and tweak. 08:15 So I’m not going to go through all of these individual settings. We will be here forever, but just know you can add additional steps in here. You can add branching based on the outcomes of specific steps in this workflow. Now, if

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What the company representative sees

08:29 you want to see what this workflow actually looks like, we can head over to the customization tab by clicking this icon up here, and we can see what somebody would see on the other end when they’re coming in to verify their business. So, we start off with the welcome screen. We find their company using their company name and their country. Then, they select their company because we’ve done a search on the registry. They’re going to edit the company information, list all of the key people. So the UBOS’s shareholders representatives phone number verification which they’ll then enter in here email for email verification which they’ll enter the code in here. And now they’re not going to see this. This is the branching that I’ve put inside the workflow. But we’re going to be able to see what that user sees on the other end if they go down branch one or the other branch. But I’ve not set that in this workflow. So we could you can see at the bottom I I just added this in just to show you as a demo. So we can delete that step. So that’s exactly what someone’s going to see on the other end. 09:30 So if we want to check in on our data,

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KYB analytics

09:32 we can go through to the homepage. We could check the analytics. We can add some tabs at the bottom here if you want. So we can come in here. We can check the business verifications. We could look at the the volume, IP locations, company locations, warning insights, conversion rate, conversion rate by country, um, automatic verdict breakdown, and we can add all of these to our dashboard. 09:57 So, if you scroll down, you can see that we’ve added all of these business checks. Down here, we can see the Caribbe registry check, key people, AML screening. So, this is just a warning insights at a glance. So we can see our approved versus rejected, conversion rate from approved, decline, and in review. We can customize this. We can also run reports at the bottom and export any data that we want from that dashboard. So that’s a business verified from start to finish. One workflow looked the company up in the official registries, screened the business and its owners against the watch lists and mapped out who really owns it with an identity check on each of them and pulled in the documents. And all of that comes back in the dashboard registry record and the company status, the ownership, the screening results and the documents with the same data available over the API. So if you want to run a KYB of your own, head over to didit.me. 10:54 me. You can sign up for free and create your own business workflow today.