Know your Biz, Whiz!
This official state-level governmental filing is the first, most authoritative place KYB teams look to confirm a company’s legal existence, name, and status.
What are Secretary-of-State business-registration filings?
Verifying if this number matches in IRS for a business or an individual is a typical KYB check.
What is a Taxpayer Identification Number (TIN)?
Charged with drafting policies, overseeing KYC / AML programs, and keeping regulators happy, this officer signs the annual BSA/AML certification and loses sleep over potential consent orders.
Who is a compliance officer?
Before KYB or Screening is automated, verifying a business often required this slow method.
What is manual verification/review?
It's the trick of hiding dirty money by running it through banks so it looks clean.
What is money laundering?
It’s the simplest U.S. business structure—no legal separation from its owner, profits are reported on the individual’s 1040 Schedule C, and liability is 100 % personal.
What is a sole proprietorship?
These people must be identified during KYB to understand control and risk behind a business.
Who are UBOs or Business owner?
It’s the financial institution that accepts deposits, makes loans, issues debit cards, and has its customers’ balances insured by the FDIC.
What is a bank?
This term refers to a set of an individual, organization, or country that has been officially restricted or penalized by a government or international authority through measures like trade bans or financial restrictions.
What is a sanction List?
This bureau within the U.S. Treasury collects and analyzes financial data to combat money laundering and terrorist financing—its acronym sounds like “financial crimes” on purpose.
What is the Office of Foreign Assets Control (OFAC)?
A compliance process that verifies the legitimacy of a business entity, including its registration and ownership structure.
What is Know Your Business (KYB)?
Categories such as Cannabis, Tobacco and Vaping, Firearms, Weapons, Gambling are called this term in the Enigma KYB product?
What are High Risk Activities?
These companies use KYB to comply with correspondent banking and cross-border payment rules.
What is a payment processor?
This screening process identifies relevant public reporting about a business or its owners that may indicate financial crime, regulatory risk, or reputational concerns.
What is Adverse Media or Negative News?
Charged with implementing economic sanctions, combating money-laundering, and safeguarding the integrity of the U.S. financial system, this cabinet department ultimately publishes and maintains every official federal list of prohibited or restricted parties.
What is the U.S. Department of the Treasury?
This secretary of state detail helps confirm where a company is originally legally formed and operating.
What is a business domestic jurisdiction?
The inputs needed for business verification check using Enigma KYB
What is Business Name and Address?
It’s the service provider that calculates wages, withholds taxes, files payroll reports, and deposits paychecks or direct-deposits for thousands of employers each pay period.
What is a payroll company?
This term describes a screening alert that appears risky but is ultimately determined to be benign.
What is a false positive?
Enacted in 1970 and dubbed the “original AML law,” this act created Currency Transaction Reports, Suspicious Activity Reports, and sweeping record-keeping duties for U.S. financial institutions.
What is the Bank Secrecy Act (BSA)?
This heightened KYB process applies to high-risk businesses and involves deeper investigation into ownership, control, source of funds, and ongoing activity beyond standard checks.
What is Enhanced Due Diligence (EDD)?
Good KYB tools enhance this rate — the percentage of businesses approved without manual review.
What is the auto-approval rate?
Setting enterprise-wide risk appetite, chairing governance committees, and reporting to the board, this executive steers the overall risk ship
Who is the chief risk officer (or risk officer)?
This regulatory filing is submitted to FinCEN when potentially suspicious or illicit activity is identified, helping law enforcement detect and prevent financial crime. Banks normally have 30 days from detecting suspicious activity to file this report with FinCEN (Form 111).
What is a Suspicious Activity Report (SAR)?
Under U.S. FinCEN rules, a customer’s “UBO” is any natural person who directly or indirectly holds this minimum percentage of ownership in the legal entity.
What is 25 percent?