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KYB

Know Your Business (KYB) for Lenders​

Lenders need to confirm the legitimacy of the business applying for a loan before entering into a business relationship to stay compliant. This process helps them avoid working with criminals and other illegal entities, ensuring they follow industry rules and standards, such as Anti-Money Laundering (AML).

KYB Involves Collecting and Analyzing:​

  • Business name
  • Legal address
  • Registration number
  • Tax information
  • Incorporation documents
  • Ultimate Beneficial Owners (UBOs)
  • Licensing documentation
  • Nature of business

This information can be gathered through research, direct inquiries, or third-party reports.

Challenges in Verifying Small Businesses​

One of the main challenges in verifying small businesses is the lack of standardized information. Lenders often spend hours verifying business information.

How Kaaj Simplifies KYB​

Kaaj allows lenders to perform KYB checks in minutes by collecting all public information about the business available on the web. Kaaj automates the verification of business information and creates flags if any criteria are not met.

Kaaj Verifies the Following:​

  • Legal entity name from Secretary of State
  • Business address
  • Incorporation documents
  • EIN
  • License documentation
  • OFAC list for consumers
  • Business watchlists
  • Website verification
  • Establishing nature of business and NAICS industry code from the information provided on their website