To become a customer of Checkin, you will need to complete a Know Your Business (KYB) form on behalf of your business or organization. This article outlines the necessary requirements for filling out the form.
In this article:
- What is the purpose of this form?
- What details will you need to provide when completing the form?
- Definition of a Politically Exposed Person (PEP)
What is the purpose of this form?
Know Your Business (KYB) is a verification standard designed to confirm a company's legal status and ensure its compliance with Anti-Money Laundering (AML) regulations, among other legal requirements.
The KYB process is overseen by the Financial Supervisory Authority of Norway and is conducted by Checkin before you can start selling tickets for your event. This process is essential for safeguarding customer interests and verifying whether the organization is engaging in business with legitimate entities or shell companies.
Understanding the background of a business partner is crucial for ensuring authenticity and protecting against corrupt or fraudulent practices. Business verification services, such as KYB, play a vital role in preventing financial crimes, including money laundering and terrorist financing.
Additionally, KYB procedures encompass the concept of Ultimate Beneficial Ownership (UBO) as a key transparency mechanism. By establishing UBO, we can identify the individuals who ultimately benefit from the business's profits.
In summary, KYB significantly complicates the efforts of criminals to conceal illegally obtained funds as legitimate income. Failure to adhere to KYB procedures will result in our inability to process transactions or manage financial assets on your behalf.
What details will you need to provide when completing the form?
In the form, we require the following:
Information about your company or organization
Based on the organization number provided during account creation, we will retrieve data from the the register of business enterprises in Norway (Brønnøysund Register Centre).
Organizational roles
We need to know who holds key roles in your company or organization. This information is also fetched as a preview from the register of business enterprises. However, if you are aware of changes or if something is incorrect, you can modify or add to the overview.
Definition of a Politically Exposed Person (PEP)
A PEP is someone who holds or has held a position such as:
- Head of state, head of government, minister, or deputy minister
- Director, board member, or another senior leadership position in an international organization
- Member of a national parliament
- Member of the governing body of a political party
- Member of a high-level judicial body whose decisions are not or are only rarely subject to appeal
- Member of the board of a national audit office, court of auditors, or central bank
- Ambassador, chargé d'affaires, or high-ranking military officer
- Member of an administrative, managerial, or controlling body of a state-owned enterprise
If you are aware that any of the above individuals are politically exposed or have close relations to someone who is, it is important to register this.
This also applies if the individual:
- Has close family members who are PEPs, such as parents, spouse, registered partner, cohabitant, children, or children’s spouse/partner/cohabitant.
- Has a known associate who is a PEP.
- Is a beneficial owner of a legal entity, partnership, or foreign legal arrangement jointly with a PEP.
- Has a close business relationship with a PEP.
- Is the sole beneficial owner of a legal entity, partnership, or foreign legal arrangement established to benefit a PEP.
Who will have Power of Attorney?
We require information about which users who is to be given Power of Attorney to manage financial assets in Checkin. This includes handling refunds and transferring funds between accounts. Choose users from the list who should be granted this authority.
Who are the owners of your company or organization?
Please confirm or correct the ownership structure. If no owners are displayed, it could be because the organization is owned by another company or that individual ownership shares are less than 25%.
Information about your events
We need information about expected activity, including the type of events and an estimate of turnover. We also need to know how you intend to process payments, such as immediate payments via card or Vipps, or by invoice.
Signatures
We need a person with signing authority to sign the document and the customer agreement. We retrieve signing combinations from the register of business enterprises to make it easy to view the board-approved combinations for your company. Select your preferred combination and provide details for the person who will sign, if they are not already an existing Checkin user.
Once you click "Confirm and Submit," the designated person will receive an email with instructions on how to sign the customer declaration and agreement using BankID. This will happen shortly after you submit the form.
We thoroughly review all agreements to assess risk level, and your organizer account will typically be activated within two business days, allowing you to start selling tickets for your events as quickly as possible.