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1. Purpose
Cloud Maven, Inc. is committed to compliance with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations. This Know Your Customer (KYC) and Know Your Business (KYB) policy establishes the procedures for verifying the identity of individual and corporate customers to prevent fraud, money laundering, and other illicit activities.
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4.1 Business Verification
The
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the following verification in the system to make sure the engaged businessFor businesses, the following documents will be collected:
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Legal name and registration number
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Certificate of incorporation
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system will automatically run the Secretary of State (SOS) and OFAC checks in Salesforce CRM on businesses and owners. If the customer subscribes to the consumer credit report, commercial/business reports, and plaid product. We must collect additional documents and perform the following checks -
Document Collection(Required for go-live)-
Certificate of incorporation
Articles of association
Business licenses and operating permits
EIN Verification - In Salesforce CRM, users must run the EIN verification to ensure the business is valid and that the correct information has been provided to us.
If the contract value exceeds USD 30,000.00, the billing team should run the experian business premier profile report.
4.2 Beneficial Ownership
Cloud Maven, Inc. will identify Ultimate Beneficial Owners (UBOs) who:
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Required information for UBOs includes:
Full name
Address
Government-issued identification
4.3 Risk Assessment
Businesses will be assessed based on:
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Step 1: Verify business documents using SOS and EIN process( automatic)
Step 2: Identify and validate UBOs ( we will get the data from SOS and Article of incorporation)
Step 3: Conduct background OFAC and Sanction checks on UBOs and business entity
Step 4: Assess risk level (from the business credit report)
Step 5: Approve or reject business onboarding (unless we have a OFAC match or Sanction record, we shouldn’t reject the business)
4.5 Ongoing Monitoring
Continuously monitor business transactions for irregularities
Update KYB documentation periodically or when significant changes occur
Report suspicious activities to relevant authorities
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