# 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.

{% hint style="info" %}
KYB Verification is currently **only supported for Australian businesses.**
{% endhint %}

#### Enabling KYB Verification

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

{% hint style="info" %}
Please reach out to our support via **<support@loopit.co>** to activate KYB Verification for your workspace.
{% endhint %}

***

#### 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.

<div align="left" data-with-frame="true"><figure><img src="/files/MDn5F8qKf871x8yhKiuW" alt=""><figcaption></figcaption></figure></div>

<div align="left" data-with-frame="true"><figure><img src="/files/5SCGmTDt5mYzvIf1a6E1" alt="" width="563"><figcaption></figcaption></figure></div>

**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.

<div align="left" data-with-frame="true"><figure><img src="/files/60PWTRTFHdYpX3H5BgUl" alt=""><figcaption></figcaption></figure></div>

***

#### 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.

<div align="left" data-with-frame="true"><figure><img src="/files/JdkYkKUWOPr5Cy0zK25N" alt=""><figcaption></figcaption></figure></div>

***

#### Viewing the results

Once completed, results are shown under the **TruPass** tab:

* **Business Verification** – Confirms company registration and ABN validity.&#x20;
* **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.

<div data-with-frame="true"><figure><img src="/files/dnU5CQJil8uZPykYkEpc" alt=""><figcaption><p>Verification summary</p></figcaption></figure></div>

<div align="left" data-with-frame="true"><figure><img src="/files/BdOkg0gHqKFoJiLNbcqD" alt=""><figcaption><p>Officeholders details</p></figcaption></figure></div>

<div align="left" data-with-frame="true"><figure><img src="/files/hvMo81aDU3gjl5onjhR4" alt=""><figcaption><p>Ultimate beneficial owners details</p></figcaption></figure></div>

<div align="left" data-with-frame="true"><figure><img src="/files/SVlbOJfaoiMLipbHsolx" alt=""><figcaption><p>Issues &#x26; alerts</p></figcaption></figure></div>

***

#### 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.

<div align="left" data-with-frame="true"><figure><img src="/files/7kHuVGCEUZDKFSOJZYv2" alt=""><figcaption></figcaption></figure></div>

<div align="left" data-with-frame="true"><figure><img src="/files/lwKZ05lsy4WvlIxgeFBE" alt="" width="563"><figcaption></figcaption></figure></div>

<div align="left" data-with-frame="true"><figure><img src="/files/ARKKrLpDHvc3bDuPOHgJ" alt=""><figcaption></figcaption></figure></div>

<div align="left" data-with-frame="true"><figure><img src="/files/QZIC1kRHjeTBiwymn126" alt=""><figcaption></figcaption></figure></div>

***

{% hint style="info" %}

#### 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](https://docs.frankieone.com/docs/test-data?utm_source=chatgpt.com)
  {% endhint %}


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