Portal Gate’s KYB Process
While KYC (Know Your Customer) allows individuals to privately verify their identity before using Portal Gate, KYB (Know Your Business) allows businesses to do the same. In order to gain institutional adoption, it is important for Portal Gate’s users to understand the private KYB process.
Much like Portal Gate’s private KYC process, the private KYB process will take place within a zero-knowledge compliance oracle provided by third-party Keyring. Its integrated third-party compliance provider, Shufti Pro, will complete the off-chain verification.
Institutions will then:
- Confirm Auth Key Creation with the connected wallet.
- Provide general information about the entity.
- Confirm information & accept the terms of conditions.
- Upload requested KYB documents (Registers, Certificates, etc).
- Submit onboarding.
- The result of the verification will be notified by email within 7 business days.
Shufti Pro will then process the business’s documents. It will extract the data and cross-check it with the help of APIs. It will begin with a background search of the company, ascertaining key data including:
- Current Status;
- Jurisdiction;
- Registered Address;
- And more.
Shufti Pro will then verify the documentation provided. This includes relationships with other businesses and the nature of the business. It will also assess the management of the business, including directors and members.
Once the business has been verified, Shufti Pro will only advise Keyring of this fact — maintaining the off-chain KYB process. In this way, businesses can remain private while still being compliant.
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References
- Marley, R. (2020) A deep dive into know your business verification, 2i Pro — Award-winning Global Identity Verification Platform. Available at: https://shuftipro.com/blog/a-deep-dive-into-know-your-business-verification/ (Accessed: 10 May 2023).
