Changelog

KYB Verification

Loopit integrates with Trupass to support Know Your Business (KYB) checks on company entities. These checks confirm company registration details, key stakeholders, and—if required—ultimate beneficial owners (UBOs) with AML screening.

KYB Verification is currently only supported for Australian businesses.

Enabling KYB Verification

The KYB feature must be enabled by Loopit Support before it can be used.

Please reach out to our support via [email protected] to activate KYB Verification for your workspace.

Starting a KYB Verification

There are two ways to start a KYB check:

Option 1 — From the Company overview page

  1. On the Company overview, click Verify next to the company details.

  2. A dialog will appear where you can choose between:

    • Standard Verification – Confirms company details and identifies officeholders.

    • Deep Verification – Includes Standard checks plus reveals ultimate owners and runs AML screening on both UBOs and officeholders.

  3. Click Verify to begin.

Option 2 — From the TruPass tab

  1. Navigate to the Company → TruPass tab.

  2. Here you can view existing verification results and start a new check.

  3. Select either Standard or Deep Verification to initiate the process.

  4. Click Verify to begin.

Processing time

  • Standard Verification typically completes within a few minutes.

  • Deep Verification may take up to 15 minutes while ownership and AML checks run.

  • You can continue using Loopit while the verification is processing.

Viewing the results

Once completed, results are shown under the TruPass tab:

  • Business Verification – Confirms company registration and ABN validity.

  • UBO Report – Displays identified UBOs and ownership percentages.

  • AML Screening – Shows screening results for individuals.

  • Risk Level – Summarises the company’s assessed risk.

  • Issues & Alerts – Highlights any missing or inconsistent information.

Verification summary
Officeholders details
Ultimate beneficial owners details
Issues & alerts

Upgrading from Standard to Deep

If a company has already completed a Standard Verification, you can later upgrade it to a Deep Verification. This will reveal ultimate ownership (UBOs) and perform AML screening on both officeholders and UBOs.

  1. Go to the Company → TruPass tab.

  2. Click Verify under the Ultimate Beneficial Owners section.

  3. Choose Deep Verification and click Verify to proceed.

The existing Standard verification results will remain visible while the Deep verification runs.

Notes

  • The company must have a valid Name and ABN to perform verification.

  • UBO discovery may not return results for all entity types.

  • In demo workspaces, Loopit connects to FrankieOne’s testing environment. Use the sample data provided in the FrankieOne documentation: https://docs.frankieone.com/docs/test-data

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