How KYB Works?

How KYB Works - Step by Step

The KYB process follows a similar structure to KYC but is designed specifically for business entities. It supports two distinct onboarding paths depending on whether you want to invite the business to fill in their own details or submit those details on their behalf directly.

1. Choose Configuration
2. Onboard Business
3. Business Verifies in App
4. Monitor Progress
5. Generate Report
6. Reverify as Needed

Step 1 - Choose the Right Configuration

Just like KYC, KYB workflows begin with a Configuration - a reusable template that defines which verification checks will be applied to the business. KYB configurations can include a range of checks beyond what is available in KYC.

Your compliance team sets up configurations in the admin panel once. When onboarding a new business, you simply select the configuration that matches the risk profile or business type, and all the required checks are automatically included.

Selecting a configuration is optional. If your organization prefers not to use a configuration, you can manually select the required verification tasks directly when sending the KYB invite.

Step 2 - Onboard the Business

ChainIT KYB supports two onboarding approaches, and you can choose the one that best fits your workflow:

Invite-Based Onboarding

You send an invitation email to a contact at the business. The email contains a unique link to an onboarding form. The business representative clicks the link, fills in their company details - legal name, registration number, registered address, beneficial owners, and so on - and submits the form. The system creates their business profile based on what they have submitted, and they are then directed to the ChainIT app to complete their verification tasks.

This approach works best when you want the business to take ownership of their own data submission, reducing the administrative burden on your team and minimizing data entry errors.

Direct Onboarding (No Invite)

When your organization already holds the required business information - for example, because you collected it during a sales process or through a prior relationship - you can submit the business details directly through the system without sending an invitation. The business profile is created immediately, and the business receives an email with a QR code to download the ChainIT app and complete their verification tasks.

This approach gives your organization maximum control over the onboarding process and is particularly useful for high-volume or programmatic business onboarding.

Step 3 - Business Completes Verification Tasks in the App

Regardless of which onboarding path was used, the business's next step is the same: they download the ChainIT app (guided by the QR code in their notification email) and complete the verification tasks assigned by the configuration.

These tasks might include uploading company registration documents, providing evidence of the registered business address, completing a beneficial ownership declaration, submitting identification for key directors, or going through PEP and sanctions screening. Each task is clearly presented in the app with instructions on what is required.

Step 4 - Monitor Verification Progress

While the business is completing their verification tasks, your team has full visibility into their progress. The verification status view shows each assigned task, whether it has been completed, and whether any issues have arisen that require attention. This allows your compliance team to proactively follow up with businesses that are taking longer than expected to complete their tasks.

Once all tasks are completed, the business's overall verification status updates and the record is ready for review and reporting.

Step 5 - Generate the KYB Report

When all verification tasks are complete, you can generate a comprehensive KYB compliance report for the business. This report documents all completed checks, the verification outcomes, the risk assessment, and the full audit trail for the onboarding process. It serves as your official record of due diligence for the business entity.

KYB reports are used in the same way as KYC reports: for internal records, regulatory submissions, counterparty due diligence packs, and audit evidence.

Step 6 - Reverify When Circumstances Change

Businesses are not static - they change ownership, undergo restructuring, enter new markets, and their risk profiles evolve over time. When a trigger occurs - whether time-based (such as an annual review), risk-based (such as a change in ownership), or regulatory (such as new AML requirements) - ChainIT allows you to initiate a targeted reverification.

 

You select which specific checks need to be repeated, and the business is notified to complete them through the app. This targeted approach means the business is not required to go through the full onboarding process again - only the checks that need updating are reassigned.

What KYB Gives Your Organization

Capability	What It Means for You
Two onboarding paths	Invite businesses to self-report, or submit their details directly - whichever fits your workflow.
Configurable business verification checks	Apply the right level of scrutiny for each type of business entity, from standard onboarding to enhanced due diligence.
Beneficial ownership visibility	Identify and verify the individuals who ultimately own and control each business you onboard.
Full task-level progress tracking	See exactly which checks each business has completed and which are still outstanding.
Comprehensive KYB reports	Generate audit-ready compliance documentation for every business you verify.
Targeted reverification	Re-trigger specific checks when business circumstances change, without full re-onboarding.