Service description

Schedule 1 to Terms and conditions for business users

For Business Users
Version 1.0
•
Applicable form 2024-10-08

This service description sets out the service offered by KnownID AB, Reg. No. 559432-3924, (“KnownID”) to businesses.

Go to Terms and Conditions
Sections
1. Introduction to KYC
2. Registration and access
3. Know vs Respond
4. User management
5. Communication regarding the service

  1. Introduction to KYC

    In short, know-your-customer (KYC) is the process of verifying the identity of (new) customers. The KYC process is performed to prevent illegal financial activities such as money laundering, terrorist financing or fraud, and in return protecting the company, its customers and the society as a whole.

    KYC processes are employed by entities of all sizes for the purpose of ensuring that their proposed customers, agents, suppliers, distributors etc. are who they claim to be. Entities in a number of industries, including banks and other financial institutions, are required to verify the identity, suitability, and risks involved with maintaining a business relationship and/or processing transactions with a customer to ensure their compliance with anti-money laundering and counter terrorism financing regulations.

    KnownID provides a platform for sharing and managing KYC information and documentation (the “Platform”). The Platform is open to companies, organisations, and other entities (“Business Users”) and natural persons (“Personal Users”).

  2. Registration and access

    1. To access the Platform, a Business User must either:

      1. enter into a service agreement with KnownID (a “Service Agreement”), and following an invitation from KnownID, create a business account (a “Full Business Account”); or

      2. following an invitation from another Business User, create a business account with limited features (free of charge) (a “Limited Business Account”)”.

      A Full Business Account and a Limited Business Account are hereafter jointly referred to as a ”Business Account”.

      The use of a Business Account is regulated by a Service Agreement and/or Terms and Conditions for Business Users. An agreement is considered to have been entered into between the Business User and KnownID once the Business User have accepted the Terms and Conditions for Business Users, completed all other steps of the registration, and created a Business Account.

      The registration and use of a Limited Business Account is free of charge.

      Access to the service is provided through any of the access options that KnownID provides from time to time.

  3. Know vs Respond

    1. Within the Platform there are two modules available for Business Users, Know vs Respond. The modules are described here below.

      Content and account history are stored for as long as the Business User you represent has an account registered with KnownID. During this time, the Business User is responsible for which content that is updated or deleted. The content that is deleted will no longer be available. Upon closure of the Business Account, all content as well as the account history will be permanently deleted after sixty (60) days.

    2. 3.1 Know - get to know your counterparties

    4. The Know-features described below are provided to Business Users with a Full Business Account. Business Users with a Limited Business Account may only use a restricted version of the Know module, which includes the possibility to download completed KYC requests which they originally have created outside the system.

    5. Overview of your counterparties
      For each and every of your counterparties you will be able to see an overview of details which have been completed in connection with onboarding or as part of any monitoring or period KYC.

    6. Create and use KYC questionnaires
      Within the Platform you can build your own KYC questionnaires or use pre-built curated questionnaires. You can also see to whom you have sent out certain questionaries and track how they have changed over time.

    7. ‍Onboard your counterparties
      The onboarding flow follows the requirements in the Swedish Money Laundering and Terrorist Financing (Prevention) Act. As part of the onboarding, you can:

      1. send out your own KYC questionnaires or use pre-built curated questionnaires

      2. automate data collection from your counterparties and get verified data from third party providers, including Bolagsverket and Skatteverket

      3. identify and verify UBO, signatories and other key persons of your counterparties, you may select from a range of methods to verify their identities, including BankID and verified ID scanning methods

      4. automatically screen against PEP and sanctions assisted with AI, you may also add an additional layer of security by screening against adverse media and watchlists

      5. risk assess your counterparties within the same flow and automate follow-up and monitoring that correspond to the risk level

      All actions are saved, allowing you to keep an audit trail of your completed onboardings.

    8. Stay up to date – create periodic reviews
      Within the settings in your Business Account, you may set risk-driven schedules for periodic reviews that are automatically update in line with risk levels. The Platform will automatically notify and remind the applicable counterparty when it is time for a periodic review in accordance with your settings. If questionnaires are reused, the Platform will help the counterparty to populate the questionnaire as well as highlighting any potential changes.

      All responses are saved, allowing you to keep an audit trail of your periodic reviews and follow-ups.

    9. 3.2. Respond – respond to KYC requests
      The Respond-features described below are provided to all Business Users.

    10. Store content on the Platform
      The Platform allows Business Users to save and store information about their entity that is commonly asked for in KYC processes. The information may either be typed by hand, uploaded or (when available) fetched or created from official records. It is the responsibility of the Business User to ensure that any information is correct and complete.

    11. Respond to a KYC request created within the Platform
      Within the Platform, you can choose to respond to KYC requests from other Business Users. Each Business User is responsible for the content of their KYC request and how long it is made available.

      Once you have responded to a KYC request, the information in the response will be made available to the other Business User in their Business Account. In your Business Account, you may access a copy of your response. You will not be able to amend or recall a response after it has been shared.

    12. Respond to a KYC request created outside of the Platform
      Business Users with a Full Business Account may initiate a KYC request that has been received outside of the system.

    13. Request KYC information from Personal Users
      Business Users may request KYC information from their connected individuals, such as board members, management and other representatives. These individuals may create a free personal account as described in the Terms and Conditions for Personal Users and thereafter share their KYC information within the Platform.

      A Personal User may also choose to share all or part of their information on their Personal Account on a continuous basis. You are responsible to ensure that the information is up to date before passing it on to another Business User.

  4. User management

    1. Anyone creating a Business Account is automatically the owner of such account. As an owner you have the highest possible administrative rights to the account, meaning that no one can de-grade or remove your account authority within the Platform. In addition, an owner has the same functionality as a person with admin-rights.

      A person with admin-rights may view the entire account and respond to requests. A person with admin-rights can also give access to other persons or remove the access to the account as well as change the authority of users and admin.

      A person with user-rights may view the entire account and respond to requests.

  5. Communication regarding the service

    1. KnownID may communicate with you regarding the service via, among other things, email, SMS, and push notifications. Communication regarding the service is considered an integrated part of the service, which means it cannot be opted out of.