Business Associated Persons Report

Overview

The Business Associated Persons Report (BAPR) is used in KYB to surface associated persons for a given business located in the United States. Associated persons of the company may include executives, employees, and/or UBOs.

This report is in closed beta currently. Organizations use the report to:

Conduct due diligence on a business and the individuals behind the business

Organizations who need to comply with AML measures will have to conduct verification of Ultimate Beneficial Owners. These owners are typically identified by the business before undergoing KYC. Organizations may want to use this report to surface associated persons and then cross-reference the results against identified individuals for additional assurance.

Set a foundation for US KYB

Business Associated Persons Reports is one of the many Reports that Persona offers for KYB in the United States. Business Associated Persons Report is typically done after an initial Business Registry Verification is run and acts as additional “enrichment.”

Interpreting the Business Associated Persons Report

The Business Associated Persons Report takes the Verified Business Record from the Business Registry Verification and searches against our Secretary of State data sources to return back individuals, their position, and the number of registry records they are listed on.

Understanding Associated Persons

Associated Persons

An associated person is a person explicitly listed on a business registration. These usually include senior officers, owners, and registered agents.

Ultimate Beneficial Owners (UBOs)

UBOs refer to Ultimate Beneficial Owners, individuals who have at least 25% ownership stake in a company. It’s important to note that UBOs might not be listed on this report given that there is no public UBO database in the US and UBOs do not need to be listed on a business registration.

Registered Agent

A registered agent is a person or company that receives legal documents and other communications on behalf of a business. Given that they may be listed on a Secretary of State filing, they may appear on this report.

Frequently Asked Questions

How does this interact with the Associated Persons check in the Business Registry Verification (BRV)?

This report acts as an initial enrichment, surfacing associated persons which may not be known. On the other hand, the Associated Persons check on the BRV enables organizations to input an individual into the BRV and use any of those people to run match groups. This is helpful for when an associated person is already known.