Legal Entity Meaning: A legal entity refers to an organization that is recognized by law to enter into contracts, own assets, and be held accountable independently of the individuals who own or manage it. Private Limited Companies, LLPs, Societies, NGOs, Trusts, and Partnerships are some examples of legal entities.

Verifying such entities requires the collection of multiple documents and verifying ownership. It is a time-consuming and error-prone process. The Legal Entity CKYC API simplifies this process by providing all the documents at a single point.

Challenges with Manual Legal Entity Verification

Conducting business KYC is complex than manual KYC:

• Collection of multiple documents and their verification
• Verification of directors, partners, and trustees
• Repeated follow-ups due to incomplete records
• High compliance and audit pressure

How does it work?

Input: Enter the DOB or the Date of incorporation of the legal entity.

Output: Get the following information for verification:

• PIN Code
• CKYC information
• Number of updates made to the CKYC record
• Details of related persons (directors, partners, trustees)
• Entity identity documents
• Legal entity detail

Benefits

• Reduce onboarding time with automation
• Eliminate the need for manual documentation
• Smoothly integrates into the existing system
• Provides up-to-date and accurate information
• Reduce fraud and compliance risk