A request for information (RFI) is the message a KYB or onboarding team sends to a business applicant, or sometimes to an existing customer, asking for documents or explanations the review needs and does not have. In transaction monitoring the same term covers requests between institutions or to a customer about specific activity. This entry covers the onboarding use.
Why it matters in KYB review
Waiting on the applicant is a common reason business onboarding stalls. Every round trip adds days, and a vague or piecemeal RFI invites incomplete answers and a second round. It is also the one part of the review the applicant sees, so it shapes whether a legitimate business sticks around. A good RFI is specific, consolidated and sent once.
What an analyst checks before sending one
- Is the item really missing? Check the registry, the applicant's website and prior submissions first. Asking for something the institution could have found itself wastes a round trip.
- What exactly would close the gap? "Proof of ownership" is vague. "The share register or operating agreement showing members of Northgate Holdings Ltd, the parent company that owns 60% of the applicant" is actionable. (Illustrative example.)
- Which acceptable alternatives exist? Listing two or three acceptable documents reduces back and forth.
- Is everything in one message? Review the whole file before writing, so the applicant receives one list.
- Is it safe to ask? For US banks, a SAR and "any information that would reveal the existence of a SAR" are confidential (31 CFR 1020.320(e)). If the question comes from a suspicion that is heading toward a SAR, route the case to the investigations team instead of sending a routine RFI.
Common pitfalls
- Drip-feeding requests. Three RFIs over a week for items that were all visible on day one.
- Asking for documents that do not prove the point. A certificate of good standing confirms status, not ownership. See business verification documents.
- Accepting the answer without checking it. A response is new evidence and gets reviewed like the rest of the file.
- Losing the trail. The case record should show what was asked, when, what came back and what it changed.
Related terms
KYB manual review queue, business onboarding review, evidence packet, operating agreement.
How Sweat AI fits
Every Sweat AI review ends with one consolidated remaining-request list: what is still missing, why it matters and which documents would satisfy it. You decide whether and how to send it. See what that looks like in the sample KYB review.
Questions
Should an RFI explain why each item is needed?
Briefly, yes. A one-line reason (for example, to confirm who owns the parent company) gets better answers than a bare list, and it helps the applicant send the right document the first time.
What happens if the applicant never answers?
Your policy should set a follow-up schedule and a point at which the case is closed as incomplete. The file should record each request, each reminder and the closure reason.
Sources
- 31 CFR 1020.320, Reports by banks of suspicious transactions (eCFR), accessed 2026-09-30