As part of the individual and business verification process, Parallel Markets performs a search against a variety of public and private databases to try to find evidence that certain pieces of information provided align with similar sorts of information that may have been used together in the past. The results of these searches can increase confidence that the onboarding subject legitimately exists and is providing accurate information.
Although not an absolute requirement to abide by CDD or KYC regulations, the Public/Private Records Search does provide a means of non-documentary verification that can be used as an additional layer of information to help partners make more informed onboarding decisions.
What databases are searched?
The databases that are searched include credit agency information, postal service records, utility bills, mortgage records, DMV records, mobile phone/other telecom registrations, corporate filings and other corporate registry records.
What information is taken into account?
For individuals, the search looks for evidence that the same name, date of birth, Tax Identification Number (TIN) and address are all valid and have been used together in the past.
In the case of businesses, the business name, address and TIN are used as part of the search.
What does it mean if there is a match?
A match may indicate that records exist in other databases that verify the existence of the particular individual or business, based on a match of one or more of the searched fields.
What does it mean if there are no matches?
Although searches are conducted across hundreds of data sources, there may be cases where no matches are found. The following are cases where a subject may not be found by the public/private records search:
- The individual has obtained a new Social Security Number (SSN)
- The individual has not set up any lines of credit
- The individual is a recently naturalized citizen and has a new TIN and/or address
- The individual has recently moved and has a new address
- The name of the individual has recently changed
- The business does not yet have a TIN, or has a newly issued TIN
- The registered address of the business has recently changed
- The business does not have a large public footprint