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.
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.
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.
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.