Reapit Verify - Know Your Business Checks (KYB)

Overview

Reapit Verify - Know Your Business Checks (KYB)

You are required to complete a Know Your Business (KYB) check when the purchaser or vendor as a companies, trusts, partnerships, self-managed superfunds (SMSF) and other complex entities.

A KYB check will look at the following:

1. Is this a real and legitimate entity. – ABN/ASIC Business Check
2. Who actually owns or controls the entity
3. Are the entity and the people that own/control it legitimate?
4. Do the lookup on the business
5. Figure out who owns it and who has significant control or influence (25%+)

Following a completed KYB Check you will then run a KYC check on those identified individuals. These individuals are known as Ultimate Beneficial Owners or UBOs

The processes in this article include:

• Creating a Vendor KYB Check from Reapit Sales
• Creating a Buyer KYB Check from Reapit Sales
• Creating a KYB Case in Reapit Verify
• Adding a Verification to a KYB Case in Reapit Verify
• Reviewing the Business Structure in Reapit Verify

Creating a Vendor KYB Check from Reapit Sales

This process outlines how to create a new Reapit Verify case from within Reapit Sales.

Prior to commencing this process, ensure the business contact has a First Name, Last Name, Mobile Number and Email Address included as well as the ABN or ACN. Refer to the Add a Business Contact article.

1. Search for and open the property you want to verify in Reapit Sales.
2. Select the Agents and Contacts tab.
3. Navigate to Related Contacts.
4. Find the relevant contact (for example, the vendor) and select Verify now.
5. You will be asked to ensure there is an ABN/ACN attached with the contact. Click on Ok.
6. The case will be added to Reapit Verify.
7. Click on Continue Verification to open Reapit Verify and continue the KYB verification.
8. Navigate to the Reviewing the Business Structure section below in this article to complete the process.

Note:

When the Vendor verification process is initiated and there are no ABN or ACN listing against the contact, the following message will display.

You should then:

1. Close the warning popup
2. Navigate back and update the business contact details
3. Attempt to raise the verification again

Creating a Buyer KYB Check from Reapit Sales

This process outlines how to verify buyers at the Offers / Contractors stage of a listing once a buyer offer has been saved within the listing.

1. From within the property listing, Select the Offers/Contracts tab.
2. Select the offer.
3. Navigate to the Selected Buyers section.
4. Click on Verify Now.

Note: You will be asked to ensure there is an ABN/ACN attached with the contact. Refer to this article should you need to add ABN/ACN details.

1. Click on Continue.
2. The case will be added to Reapit Verify.
3. Click on Continue Verification to open Reapit Verify and continue the KYB verification.
4. Navigate to the Reviewing the Business Structure section below in this article to complete the process.

Note:

When the Vendor verification process is initiated and there are no ABN or ACN listing against the contact, the following message will display.

You should then:

1. Close the warning popup
2. Navigate back and update the business contact details
3. Attempt to raise the verification again

Creating a KYB Case in Reapit Verify

Warning: This process should not be used to when a case is required to be linked to a Buyer or Vendor transaction in Reapit Sales as the status will not link.

Refer to the following to create a case from Reapit Sales:

• Creating a Vendor KYB Check from Reapit Sales
• Creating a Buyer KYB Check from Reapit Sales

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1. Select Create case.
2. Search and select the Property Address.

Note: If the address does not appear, click on Enter Manually to complete the details.

1. For multi-site offices, select the required office.
2. Select the Listing Agent.
3. Select + Add a Verification.

Adding a Verification to a KYB Case in Reapit Verify

1. Set the Contact Type to Company.
2. Set the Role to Vendor or Buyer as required.
3. Add ABN or ACN.
4. Reapit Verify will do an initial search to confirm the ABN or ACN entered is valid. Review the company details presented and click on the company details to confirm.
5. Enter the point of contact. This is the person that you are dealing with and who may need to provide you contact details for the identified UBOs. Note – this may not be someone you will need to do a check on.
6. Click on Add Verification.
7. Click on Create Case.

Reviewing the Business Structure in Reapit Verify

1. Select the Verification to expand then click on View details.
2. The Summary tab displays the information that builds the Tree Structure.
3. Click on the Structure Tab.
4. In the background, the system will be performing adverse media checks, and once green ticks appear, 2 per individual. you can complete the KYC checks by clicking on the Submit to KYC button.

1. This will bring this info into the summary.
2. Navigate to Possible UBOs.
3. Each UBO will show pending details. Click to add Email Address and Phone Number.

Note: you may need to use the Point of Contact previously entered to get this information.

1. Click on Submit.