Understanding Know Your Business Checks and Moverly's Role

What is a 'Know Your Business' (KYB) Check?

A Know Your Business (KYB) check is a process of verifying the identity and legitimacy of a business entity. This is particularly important when dealing with properties owned by businesses.

Agent Responsibilities

As an agent working with properties owned by businesses, you have certain responsibilities:

1. Verify Business Identity: Confirm the business exists and is legally registered on Companies House
2. Identify Beneficial Owners: Determine who ultimately owns or controls the business on the Companies House record.
3. Assess Risk: Evaluate potential money laundering or fraud risks associated with the business.
4. Ongoing Monitoring: Keep records up-to-date and monitor for any changes or suspicious activities.

How Moverly Can Help

While Moverly does not conduct full KYB checks, we can assist with a crucial part of the process:

Individual ID Checks. We provide thorough identity verification for individuals associated with the business, such as directors or beneficial owners.

Limitations of Moverly's Service

It's important to understand that:

1. Moverly's ID checks are for individuals only, not businesses.
2. We do not verify business registration, structure, or legitimacy.
3. Our service should be used as part of your broader KYB process, not as a replacement for it.

Best Practices for Agents

1. Use Moverly's ID check service for key individuals in the business.
2. Conduct additional checks using business registries and other official sources.
3. Always follow your agency's policies and relevant legal requirements.

Remember, while Moverly can assist with individual identity verification, the overall responsibility for KYB checks remains with the agent.

Disclaimer - this article is intended as a helpful guide and is not intended as legal advice. Agents should consult their lawyers for further advice on their responsibilities under the CPRs.