How to Complete KYB for Your Business Entity or Trust
Know Your Customer (KYC) verification, also known as Know Your Business (KYB) for entities, is a critical step to ensure compliance with regulatory requirements when onboarding with Parallel Markets. This process verifies the identity and legitimacy of your business entity or trust, enabling secure participation in investment opportunities. Below is a step-by-step guide to completing KYC/KYB for your LLC or trust.
Steps to Complete KYC/KYB
Create an Account with Parallel Passport
Visit the Parallel Markets platform and select “Sign Up.”
Enter your email, first name, last name, and create a secure password.
Confirm your email address via the verification link sent to your inbox.
Select Your Investor Entity
Log in and choose “A business or trust” when prompted to select the investor profile.
Provide the full legal name of your LLC or trust and select the appropriate business type from the dropdown menu (e.g., Limited Liability Company, Irrevocable Trust, Revocable Trust).
Complete Business Entity Information
Enter the required details for your LLC or trust, including:
Business Name: The full legal name of the entity.
Business Type: Select from options like LLC, Corporation, or Trust.
Control Person Information: Provide details for at least one control person who exercises substantial discretion over investment decisions (e.g., an LLC manager, officer, or trustee). Include their name, email, and role.
Ownership Details:
For an LLC owned by a trust, list the trust as the entity with 100% ownership. Use the trustee’s email for the trust’s contact information. The LLC member should list their title but indicate 0% ownership.
For other LLCs, provide ownership percentages for all beneficial owners.
Submit KYB Documentation
Upload formation documents, such as bylaws, operating agreements, or trust agreements, to verify the entity’s legitimacy.
Provide identification documents for control persons (e.g., passport or driver’s license) and beneficial owners, if required.
Ensure all documents are clear, legible, and dated within the last 90 days where applicable.
Authorize Data Sharing
Authorize Parallel Markets to share your entity’s KYC/KYB information with the partner platform (e.g., Safe Harbor) by clicking “Authorize.”
Review the partner’s Privacy Policy and Terms of Service before proceeding.
Review and Submit
Double-check all entered information and uploaded documents for accuracy.
Submit your KYC/KYB application. Parallel Markets will review it within one business day.
Important Notes
Multiple Entities: If you manage multiple entities, each must undergo KYB verification and pay for its own account.
LLC Owned by a Trust: Ensure the trust is listed as the 100% owner, with the trustee’s email as the contact. The LLC member should not claim ownership.
Control Person Definition: A control person is someone with significant investment decision-making authority, such as an LLC manager or trustee. For example, a trustee following a grantor’s instructions may not qualify as a control person.
Documentation: Keep documents current and ensure they reflect the entity’s legal structure accurately.
Need Help?
If you encounter issues or have questions, contact Parallel Markets’ support team via the platform’s help center or email help@parallelmarkets.com. For anything else, please contact support@digitalwealthpartners.net.