What is AML and KYC or KYB? Why do I need to pass it?

Firms must comply with the Bank Secrecy Act and applicable anti-money laundering (“AML”) requirements.  The purpose of the AML requirements are to help detect and report suspicious activity, including securities fraud and market manipulation. 

When you create a CrowdStreet account, we need to know and retain some essential facts concerning every investor, or concerning the authority of each person acting on behalf of an investor.

Thus, we have implemented policies and procedures that can be reasonably designed to achieve compliance with the rules and regulations surrounding Anti-Money laundering and Know Your Customer.

Know Your Client (“KYC”)

Within your CrowdStreet Profile, we collect the necessary information to complete AML and KYC checks. This includes (but is not limited to):

  • First, Middle, and Last Name 
  • Current physical address (No PO Boxes)
  • Date of Birth
  • Social Security Number 
  • Non-expired government issued photo identification card
  • Residence Status
  • Country of Citizenship
  • Marital Status

Sometimes additional information is needed in order to complete these checks. For example, we may ask for proof of address, proof of SSN, or a secondary photo ID. 

Know Your Business (“KYB”)

Know Your Business checks are specifically for business entities. Within your Investing Accounts, we collect the necessary information to complete AML and KYB checks. This includes (but is not limited to):

  • Legal Name of the entity or trust
  • Current physical address for the entity or trust (NO PO Boxes)
  • Tax ID
  • Tax designation 
  • Fully executed Supporting documents, which include, but are not limited to:
    • Articles of Organization from the state
    • Operating Agreement or Partnership Agreement 
  • The KYC information for all  individuals with a beneficial interest or authority over the entity, including: 
    • All beneficial owners of 25% or more
    • All managers with control or decision making authority
    • All trustees 
    • All grantors if the trust is revocable 

If the entity is beneficially owned by or managed by another entity, we need to collect the above referenced information for that entity as well. 

Sometimes additional information is needed in order to complete these checks. For example, we may ask for proof of address for the entity, or a Certificate of Good Standing.