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KYC For Legal Entities

Legal entities are created to enable contracts to be drawn up, lawsuits to be carried out, regulations to be ascribed, and many other vital aspects of business and commerce to be carried out with different entities.

The necessity of know your customer (KYC) and identity management for legal entities is obvious. It is imperative to verify their clients’ identity and credentials, a legal entity would not be able to interact with others, negating the entire reason for their existence.

In a digital world, legal entities need to be able to prove who they are and who is behind them in order for any contract or deal or other interaction to take place without the very real risk of fraud.

People can hide behind the public face of the company to get around restrictions or obligations they would otherwise have to comply with.Collusion, misrepresentation, identity theft, breach of contract, fraudulent trading and a vast array of cyber-crimes are all possible without methods of verifying identity. 

Traditionally, these methods of identification required meetings in-person to sign physical documents. This later evolved to incorporate digital contracts and documents to allow for a digital record. Today, there is a growing movement to remove the requirement for face-to-face meetings to prove identities or credentials, and to instead move to a model to allow for all types of interactions between legal entities to be carried out entirely online. However, in order for this to be enabled, a safe, secure, efficient and easy-to-use solution needs to be implemented to allow for those that are conducting business to be sure they are avoiding the dangers of fraud when working in the digital world.

Any time a company is established or wishes to sign a contract or work officially with another company, there is a legal requirement for some form of KYC or identity verification to take place to ensure that business is being conducted in accordance with the regulations and guidelines set by the jurisdiction it is tied to. Documentation provision can involve a vast array of certificates or other official documents, such as Certificates of Incumbency, Memorandum and Articles of association, Bylaws, Certificates of Good Standing, Certificates of Registered address, Certificates of Directors and Secretary, Register of Directors, Power of Attorney, Financial Statements, Joint Venture Agreements and any manner of other evidence or paperwork required for specific cases. 

This is where Blockpass can help. In providing a fast, efficient, affordable and reusable KYC solution, Blockpass enables the possibility of setting up companies and conducting business in an entirely digital manner whilst retaining certainty in the identity of those involved and ensuring regulations are met to the highest standards.

By adding reputations for entities, Blockpass can also provide greater levels of trust for those conducting business with them and highlight the most reliable. Whether it’s KYC for company incorporation, setup and registration services, KYC of founders and investors, the inception of Joint Ventures or any other business deals required by a company, Blockpass provides a simple avenue to prove and manage identity and documentation.

 

 

These compliance solutions are designed to meet with the most stringent regulations whilst removing the pain points normally associated with KYC and identity verification, all whilst allowing remote verification, facilitating new ways of working and conducting business.

On top of all this, all the information and data remains under the control of those who own it which, along with the nature of reusable KYC and certification, allows for a much faster, cheaper and generally more efficient way of working. 

Setup your KYC Connect service in minutes with pay-as-you-go, no setup fee and free testing – click here!

Blockpass provides a compliant solution in the Blockpass Mobile App

A revolutionary app

Blockpass provides identity verification that covers both KYC and AML regulatory compliance. Users fill out the relevant details and are checked against the required lists and criteria to ensure they are not associated with criminal activity. By having these checks performed through Blockpass, companies using Blockpass’ identity verification solutions do not have to worry about their personal liability in screening applicants, as Blockpass retains professional indemnity insurance.

Instantaneous verification

With the Blockpass technology and approach, verification and onboarding happens almost instantaneously for pre-existing Blockpass users and is usually very rapid for new Blockpass users. In addition, as Blockpass puts users in control of their data and certifications, the solution can be offered at a reduced cost compared to traditional alternatives.

KYC Connect™
A Complete Solution Portfolio

Blockpass offers a multi-product portfolio that allows merchants to choose the scale of solution that applies to each business and jurisdiction. Whether a business wants only Face Match certification, or if they also require KYC, AML or enhanced SLAs, Blockpass is able to offer a full range of identity verification solutions.

NEW Start using KYC Connect™ today through our online docs portal.

Rather than having to fill out the same KYC and AML forms over and over when transacting with other financial companies, users simply have to maintain one up-to-date profile, which is then shareable with anyone in the Blockpass ecosystem for instant onboarding, saving users from repeatedly re-doing and re-submitting the same forms, and saving companies the hassle of checking KYC and waiting on checks.

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“Due to emerging technologies, Blockpass is not only able to offer a user-centric solution, but a faster, cheaper and more efficient one as well.”