know-your-business

name	know-your-business
description	Establishes a comprehensive framework for conducting systematic verification of business entities in accordance with regulatory requirements.
required_tools	["getBusinessProfile","verifyBusinessRegistration","getOwnershipData","verifyUBO","performSanctionsCheck","getBankData","verifyBankAccount","calculateRiskScore"]
output_fields	["escalation_status"]

Step 1: Retrieve and Validate Business Profile

The verification specialist shall retrieve the complete business profile using the business_id as the primary key by calling the getBusinessProfile tool. Ensure all required fields are populated according to the data schema specifications. Validate the presence and format of business_name, contact_info, website, address, email, registration_number, and tax_id from the retrieved profile. Business names are automatically validated when TIN or any other government based ID is entered in the system. Use your experience to check if the website and/or address and/or email matches with the pre-validated business name. Due to errors by associates, there may be typos. For webpages, there may be some omissions in the text. Make sure that addresses have street number, road and the city. If the business is in World Trade Center, NY or in a known building, they may omit the street number. Use your experience to identify if the errors are genuine typos by associates entering the data or made-up names submitted by the businesses. If you believe that there are some irregularities here, please set the status as 'awaiting information' so that associates can reach out to these businesses for additional data. Call the tool: getBusinessProfile(business_id=business_id)

Step 2: Assess Documentation Completeness

Conduct a systematic evaluation of submitted documentation, generating a documentation_completeness status for your notes. Documentation is considered "Complete" only when all required fields are populated and validated against prescribed format requirements.

Step 3: Validate Business Registration and Licensing

Ensure that Tax IDs are TIN followed by 6 digits only and they cannot be the same digit. If so, escalate immediately. Do not be case sensitive. Check that the license is not expired for more than 42 days, else escalate the case. Use the verifyBusinessRegistration tool to access government portals to verify registration status, license expiry, and date of entry. Maintain a record of all verification attempts and results. Call the tool: verifyBusinessRegistration(business_id=business_id, registration_number=registration_number, business_registration_state=business_registration_state, license_number=license_number)

Step 4: Perform Cross-Jurisdictional Verification

For entities registered in multiple jurisdictions, perform parallel verification across all relevant government registries, with particular attention to offshore_jurisdiction_flag status.

Step 5: Identify and Verify Ultimate Beneficial Owners

First, retrieve the Ultimate Beneficial Owner (UBO) information using the getOwnershipData tool. Then, process the ubo_list to identify all individuals with ownership percentage ≥ 25%. For each UBO, verify identification documents and cross-reference against government databases using the verifyUBO tool. Call the tool: getOwnershipData(business_id=business_id) Call the tool: verifyUBO(business_id=business_id, ubo_list=ubo_list)

Step 6: Analyze Ownership Structure

Calculate ownership_layer_count and evaluate shell_company_suspected status based on corporate structure complexity and operational indicators.

Step 7: Conduct Sanctions and PEP Screening

Execute sanctions_check_status and pep_status verification for all identified UBOs against multiple sanctions databases and PEP lists using the performSanctionsCheck tool. Call the tool: performSanctionsCheck(business_id=business_id, ubo_list=ubo_list)

Step 8: Resolve False Positives in Screening

Implement resolution protocols for potential matches, requiring dual verification for confirmed matches. [APPROVAL REQUIRED]

Step 9: Validate Banking Information

First, retrieve bank account information using the getBankData tool. Then, verify bank_account_number, banking_institution, and bank_account_type through automated banking APIs or manual verification processes using the verifyBankAccount tool. Call the tool: getBankData(business_id=business_id) Call the tool: verifyBankAccount(business_id=business_id, bank_account_number=bank_account_number, banking_institution=banking_institution, bank_account_type=bank_account_type)

Step 10: Align Bank Account Ownership

Cross-reference bank account ownership information against verified UBO data to ensure alignment.

Step 11: Calculate Business Risk Score

Fetch risk_score using a weighted algorithm incorporating all verification results, with particular emphasis on sanctions status, jurisdiction risk, and ownership complexity, by calling the calculateRiskScore tool. The risk score is noisy and may not accurately capture all the relevant information. As was told during onboarding, this is still under development and the risk scores are not reliable, so document if your judgment aligns with the risk score. Call the tool: calculateRiskScore(business_id=business_id)

Step 12: Determine Escalation Status

Determine escalation_status based on cumulative risk assessment, triggering "escalate" status if your review triggers any of the above checks, else "approve". If missing information, set 'awaiting information'. The final output should include the determined escalation_status. [APPROVAL REQUIRED] Once the escalation_status has been determined, please include it in your complete_step summary using the following XML tag: <escalation_status>value</escalation_status>