To onboard a business and move its account status from "pending" to "open," you need to provide Onboarding Information. After you submit this information, Treasure will review. Once the information has been approved, the account’s status will be changed to Open.
To get started, initiate a POST request to the /v1/businesses/{business_id}/onboarding endpoint. This call allows you to submit all KYC/KYB information at once.
Below, you’ll find an explanation of the major elements of the call:
business:
have_interested_parties_to_report
The business has interested parties that also need to receive tax documentation.
foreign_financial_institution
The account is for a foreign bank organized under foreign law and located outside of the United States (as defined by Title 31 of the Code of Federal Regulations).
Array of business_member objects
Array of business_member objects
See the business_member section below.
exempt_listing_beneficial_owners
The customer is exempt from listing any beneficial owners.
Describes why the customer would like to invest their funds.
Currently required for every account, but especially important if your business_type is LLC.
business_member (both for business.business_members and business_member_onboarding):
The business member’s email that will be used to receive monthly statements.
Required for business_member_onboarding.
The business member has the right to sign for and open an account on behalf of the company.
Note: The business_member_onboarding must be the authorized signer; the other business members cannot be marked as authorized signer.
The business member is an officer or holds more than 10% of shares of another public company.
Only required for business_member_onboarding.
The business member is a member of a financial entity who is a buyer and seller of cash and securities for another broker-dealer.
Only required for business_member_onboarding.
The business member has traded more than 2 million shares/$20 million in a single day, or 20 million shares/$200 million of exchange listed securities in a month.
Only required for business_member_onboarding.
stock_exchange_finra_member_associated
The business member works for, with, or is affiliated with a FINRA registered firm.
Only required for business_member_onboarding.
The business member is or is related to a current or former senior political figure.
Only required for business_member_onboarding.
The business member is an officer for the onboarding business.
This signifies the country where the business member resides.
This field will overwrite the address.country of all the addresses provided for the business_member.
policies:
The business consented to the bank account agreement. Reserved for future use.
investment_management_agreement
The business consented to the Investment Management Agreement.
This should be consented to and true for every business.
The business consented to the New Account Registered Investment Advisor Agreement.
This should be consented to and true for every business.
The business consented to the LLC Account Agreement.
This should be consented to and true for LLC and Partnership business types, but false for other business types.
entity_corporation_cash_account_agreement
The business consented to the Corporation Account Agreement.
This should be consented to and true for C Corporation, S Corporation, and Non-Profit business types, but false for other business types.
For security purposes, please remember to use fake data in our sandbox environment.
You will also use this call to agree to some required documents, including the investment management agreement, entity LLC agreement, and entity new account RIA agreement.
Treasure will provide you with copies of each of these documents. After reviewing, you will agree to these documents in the Onboarding request. When you submit your POST /v1/businesses/{business_id}/onboarding request, you will need to set the following fields to true:
{
"policies": {
"investment_management_agreement": true,
"entity_llc_agreement": true,
"entity_new_account_ria": true
}
}
Note: When you submit this request, you are legally agreeing that end users have seen and accepted the aforementioned agreements.
KYC will be triggered once all the required onboarding information has been submitted. The pending account status will have a new sub_status of INTERNAL_REVIEW, and the Treasure KYB team will contact you for further information if necessary. Once the review is finished, the status will be changed to approved or denied.
