“Know Your Business” platform available – Online update of legal entities’ information at banks

As of today, the “Know Your Business” (eGov-KYB) platform is officially available, enabling the automated retrieval and transmission of legal entities’ data from public information systems to credit institutions and financial organizations. This ensures compliance with due diligence obligations, as officially announced.

This platform serves as a key tool in reducing bureaucracy, saving time, and eliminating the need for in-person visits by legal representatives to banks, while also enhancing the reliability of data. Going forward, legal entities will no longer need to manually collect and submit the required documentation that they are obliged to update at regular intervals to maintain a bank account.

The necessary documentation includes core details of the legal entity, contact information, tax details, and information on representatives, partners, members, and managers of the legal entity. Up until now, this process required physical presence at bank branches, submission of printed documents, and often considerable hassle for customers in gathering the required paperwork.

How the Platform Works

Specifically, the legal representatives of businesses can access the “eGov-KYB” platform in the following ways:

• Via gov.gr, under the section “Business Activity” and the subsection “Electronic Business File”
• Directly through the website kyb.gov.gr
• Through redirection from the online system of the relevant credit institution or financial organization

Once inside the platform, users must follow these steps:

1. Authentication: They log in using TaxisNet credentials and a two-factor authentication process via the National Communication Registry (E.M.Ep.).
2. Verification of Representative Status: The system verifies the legal representative’s status through integration with the General Commercial Registry (G.E.MI.).
3. Real-Time Data Retrieval: The platform pulls data in real-time from public information systems via the Interoperability Center of the General Secretariat for Information Systems and Digital Governance.
4. Data Review and Approval: The retrieved data is displayed to the legal representatives, who must then provide digital consent for the transmission of their details to the selected credit institution or financial organization.
   • Legal representatives must ensure they have informed and obtained consent from all other involved individuals (representatives, partners, members, and managers) whose data will be shared.
5. Final Transmission: The data is digitally signed and transmitted with the advanced electronic seal of the Ministry of Digital Governance.

Implementation & Development

The platform was developed as part of a collaborative effort between:

• The Minister of National Economy and Finance, Kostis Hatzidakis
• The Minister of Digital Governance, Dimitris Papastergiou
• The Minister of Development, Takis Theodorikakos
• The Deputy Minister of National Economy and Finance, Nikos Papathanasis
• The Deputy Ministers of National Economy and Finance, Thanos Petralias and Christos Dimas
• The Governor of the Independent Authority for Public Revenue, Giorgos Pitsilis

The General Secretariat for Information Systems and Digital Governance (G.G.P.S.P.D.) of the Ministry of Digital Governance was responsible for the platform’s development, under the supervision of the General Secretary, Demosthenes Anagnostopoulos.

Source: pagenews.gr