The KYB’s blog inventory

The world is going digital as technology is transforming every industry. Modern-day solutions play a crucial role in the industrial revolution, taking business operations from manual, paper-based entries to data.

While the era of digitization seems fast and reliable, many risks arise as fraudsters devise new ways to manipulate online systems. The banking and financial systems face a large number of threats. In 2023, the e-commerce sector lost $48 billion to online payment fraud. This enormous figure indicates a sharp need for security systems that protect online solutions from fraud and money laundering. 

Speaking of prevailing cybercrimes such as terrorist financing and money laundering specifically, it is a global issue that many businesses face. Fraudsters now use digital channels to move illicit money from one source to another. 

What is Risk Assessment?

As the term suggests, risk assessment is the process of analysing an operation to understand the likelihood of fraudulent behaviour or simply the risk level the business poses. It determines various factors that become loopholes for bad actors to exploit organisational products and services for illicit gains. They can manipulate the business platform for money laundering, terrorist financing and tax evasion. 

Following are the two essential factors that contribute significantly to risk assessment strategy:

1. Know Your Customer (KYC) Compliance
2. Customer Due Diligence (CDD) measures

These processes determine a business profile in the market. The fewer controls, the higher the risk.

AML Risk Assessment – How is it Different?

AML risk assessment is an additional layer in the fraud prevention strategy which focuses on highlighting money laundering risks.  It is different from traditional risk assessment operations as it includes different money laundering protocols listed in the global AML compliance and directives. The AML risk assessment process covers:

1. Money Laundering risks and types
2. Exposure of business operations to the outside world
3. Measures to Eliminate Money Laundering Risks
4. Outlines the implementation of preventive measures
5. Evaluation of business security protocols’ efficiency to identify any loopholes

According to the Federal Financial Institutions Examination Council (FFIEC), a comprehensive AML risk assessment strategy highlights product risk, service risk, customer risk, and geographic risk for a business. The authority emphasises unique strategies for every firm depending on its size and market.

Money Laundering – An Evolving Threat Globally

Money laundering is moving illicit cash to unknown avenues so that fraudsters can use it for illegal purposes. As technology is redefining financial systems, fraudsters misuse online payment processes to sneak thousands of dollars. In 2023, bad actors exploited multiple online payment channels for illicit means. Haiti is placed as the number one country with the highest money laundering risk in Latin America. Businesses need to have complete security controls in place to fight against this global threat. Having an Anti-Money Laundering (AML) risk assessment strategy and Customer Due Diligence (CDD) procedures is pivotal. With a market share of $1.77 billion globally, digital AML solutions prove to be a solid defence in this regard. 

Key Risk Indicators – The Red Flags

Many business owners, when stepping into the competitive digital market experience issues in identifying fraud. It is essential to detect financial transactional attempts from within the organization that could possibly lead to money laundering. 

Most modern financial systems follow global compliances such as Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) laws. These regulations ensure security and strengthen business-to-business interaction protocols. 

To help businesses detect and prevent fraud and develop an AML CFT risk assessment strategy, these factors should be considered.

High Business Complexity

When interacting with other businesses in the market, firms should always double-check their core operations and offerings. Every modern AML business risk assessment solution highlights the business working structure. The more complex it is to understand, the more chances or risks of fraud. Shell businesses that are highly liked avenues for money laundering use this strategy to trick legitimate firms. They define a very complex business working model with different hierarchies and modules to divert attention from the core operations. When interacting with new players or devising a new AML risk assessment strategy for a new partnership, always look for these aspects.

Risky Target Markets

Businesses operating in markets where fraud risk is high are prone to money laundering activities. These include betting, gambling, trading, and all other exchange platforms that involve high-risk factors and loss probabilities. Cryptocurrency exchange platforms that do not follow proper due diligence of customers also fall in this category as fraudsters try to exploit these markets most often. When setting up an AML risk assessment strategy, always keep the firms that operate in these markets as “high-risk” customers. 

Unverified Customer Profiles

Businesses that are new to the market have to start their operations with other prominent players. These small startups employ a new workforce and onboard clients much faster than a fully grown business. This increases the chances of fraudsters sneaking into business operations as startups don’t implement KYC risk assessment solutions initially. When other organisations interact with these startups, the fraudsters find it easy to access their resources. Firms having unverified customer profiles are not secure enough to interact and be involved in business.

Shady Distribution Channels

Businesses that involve money laundering often use shady distribution channels to transfer their resources. They like to start with unregulated crypto exchanges to transfer their money. Other than that, using financial platforms with little or no KYC and AML risk assessment protocols in place.  

High-Risk Locations

Fraudsters take their money to countries and regions where they can safely consume it without any legal checks and scrutiny. Always check for the locations the business operates in before entering any sort of legal partnership with it. If the area includes safe havens for money launderers with little to no regulation on financial transactions, mark it a high-risk business to keep your firm’s assets safe. 

The Role of Technology in AML Risk Assessment Process

Technology helps in assisting AML risk assessment operations significantly. It increases transparency and strengthens security controls. The Financial Action Task Force (FATF) also directs modern-day businesses to implement tech solutions that can significantly improve the speed and quality of anti-money laundering controls. When firms implement it with a proper risk analysis, tech solutions can prove to be key factors in cybersecurity. Technology, more specifically AI, is a game changer in cybersecurity and data analytics. Systems built on this tech can analyse large amounts of transactional data to determine any red flags. Speaking of artificial intelligence, businesses implement it using machine learning models, primarily for anomaly detection. 

Machine Learning

The organization trains the core system on their set of rules to detect money laundering attempts. The system, in return, learns new data patterns itself to find irrelevant transactional data, marking red flags and notifying the system administrator. 

Cloud Security

Cloud security technology and firewalls can help businesses identify money laundering attempts. Using a virtual private cloud that is inaccessible to the public can streamline the data flow route, ensuring secure transactions. 

Automation

Automating tedious financial operations can also prove fruitful in preventing money laundering. Fraudsters always gain access to a system due to manual human error or a phishing attack compromising core credentials. Automating the system logging procedures with biometric verification, such as face or iris, can enhance security.

The Modern AML Risk Assessment Cycle

With the proper use of technology, firms can transform the modern AML risk assessment cycle. By attempting six core steps in the business stream, firms can leverage the power of artificial intelligence throughout each interaction with businesses as well as clients.

Client Risk Assessment

Customer risk assessment is the first step in the cycle contributing to the modern AML risk assessment strategy. It is necessary to onboard verified entities. Technology defines the foundation of modern-day AML risk assessment systems. In customer onboarding, firms verify identity using digital documents and biometric verification. The whole process is carried out online and mitigates the chances of fraudsters entering into the business operations, ultimately eliminating money laundering threats. 

Data Verification

The data that systems extract for customer and ultimate business owner verification needs complete validation from authorized sources. Using tech solutions, firms can perform this operation in real time. The KYC risk assessment software collects cross-referencing data and matches them against the data extracted from business entities engaging in financial or corporate operations. Data extraction, matching, and verification processes are automatic, providing a streamlined experience to business security officials. This significantly helps them in setting up an AML risk assessment strategy.

Risk Profiling

Speaking of risk, the second important aspect of the KYC and AML compliance software is risk profiling. After onboarding a new client, AI solutions continue to assign risk scores on every single interaction with the system. Every AML risk assessment tool analyses the interaction and transactional behaviour of the customers and compares it with the previous interaction to derive similarities. On average transactional amounts and interactions, these tools assign a moderate risk profile, while on irregular transactional data, they can trigger high-risk notifications, alerting the organization. 

Regulatory Compliance Assessment

Ensuring regulatory compliance is another upside of using tech solutions for AML risk assessment. With AI, these fraud risk assessment tools scan legal repositories for applicable standards and regulations. This helps in keeping the organisational database up to date with the changing regulations. For instance, whenever the regulatory authorities add a new directive to the AML and KYC compliance, the systems automatically update it and apply the necessary measures. This significantly increases business compliance with all national and international laws, reducing charges and fines from authorities. 

Transaction Monitoring

Monitoring business transactions is the core task for companies when creating a complete AML risk assessment strategy. Money launderers exploit those firms with little to no transactional protocols in place. With a comprehensive KYC and AML compliance software solution, firms can easily monitor transactions in real-time. These systems highlight the inbound and outbound channels, locations, and all other necessary data associated with the transaction. This helps business management flag suspicious transactions and redirect the case to authorities for prompt action. 

Regular Audit Trails

After carrying out all the necessary verification checks, due diligence, and transactional monitoring operations, businesses need a comprehensive report. This report is necessary for record-keeping and data analysis, which proves to be decisive in the long run. Firms should carry regular compliance audit trails that provide them with transparent data on every business activity, from resource handling to costs, revenue, and profit. AML risk assessment solutions aid in compliance and reporting using modern technology and automation. These tools demonstrate the efforts in a detailed trial report, which helps firms identify fraud and AML risks.

Where The KYB Steps in

The importance of having an AML risk assessment solution is paramount in today’s competitive market. However, many solutions in the market do not provide a foolproof solution that covers each and every business aspect. This is where Know Your Business can help your business strengthen its AML risk assessment strategy while boosting growth and reputation. Employing a complete risk assessment platform like the KYB safeguards your business assets with innovative approaches such as jurisdictional risk analysis, credit score evaluation, and operational risk profiling. Not only that, our best-in-class financial analytic solution shows a complete picture of every transactional movement. Boost your business offerings while keeping fraudsters away with the KYB. 

Get in touch with our professionals today to learn how the KYB efficiently safeguards resources for your specific business model and strategy. 

FAQs

What are the Main Components that Determine AML Risks?

The Banking Secrecy Act (BSA) states that businesses should consider these three factors when assessing business risk. Always evaluate the products or services of a business. Secondly, the customers they deal with. Last is the business’s geographic location where it operates from.

What Should A Business Include in the AML Risk Assessment Process?

Businesses should cover all the necessary protocols in the AML risk assessment process such as Client risk assessment and verification, transactional monitoring and regular audit trials.

Why is Risk Assessment Important in Money Laundering?

Money laundering is becoming a global issue as digital means of transaction arise in the market. AML risk assessment is necessary to keep fraudsters off the bay and keep business operations in line with regional and global security regulations.

In today’s fast-paced world, cross-border transactions are a part of the global economy as the whole business landscape is interconnected. It is an essential part of businesses operating through digital channels, allowing them to transfer money to anyone across the globe. However, with the increasing reliance on cross-border payments, fraudsters find it easy to breach online channels and compromise these payments for illicit means such as money laundering and terrorist financing. 

KYB Compliance is a solid defence in response to increasing financial cyber-attacks. According to the records, over $41 billion was lost in 2022 to online payment fraud. To combat this major challenge, firms need to have proper KYB verification checks in place for cross-border payments. 

This article will discuss the importance of KYB compliance and explain the different types of cross-border payment risks that hinder business growth. 

What is Cross-Border Payment Fraud?

Cross-border payments are necessary for business expansion and collaboration globally. It is the process of transferring funds through online channels or payment gateways to other entities. Cybercriminals specifically aim for these channels from which the money is being moved. They target vulnerabilities within the payment processing system and exploit them to access the complete transactional data. Once they get the information, fraudsters re-route the online transaction to different beneficiaries or their own illicit accounts. 

One such example is when fraudsters attacked Bangladesh’s bank, stealing $100 million in 2016. In this cyberattack, the bad actors sent fraudulent payments from an already stolen account. Now most businesses and financial firms implement KYB compliance solutions to prevent these disasters. 

The Anatomy Behind It

Hackers use multiple tricks and methods to manipulate digital transactions, businesses need to check for all the tactics explained below to detect and report fraud instantly.

Fake Identities

The top approach fraudsters take is the use of fake profiles or synthetic identities. They also create false documents to present themselves as legitimate in front of banking systems. False paperwork is difficult to detect if the bank does not follow the KYB compliance checks. Attackers sometimes use stolen identities and all the necessary information such as contracts and invoices of the real business owners to trick firms. KYB Compliance also comes in handy in this regard as modern-day solutions scan the documents and look for possible case filings for stolen identities across global databases.

Social Engineering

Social engineering is another top tactic in which fraudsters trick business owners with psychological manipulation, extracting confidential information. Social engineering strategy follows multiple tactics to lure business owners into traps such as phishing, pretexting and fake calls. The main purpose is to get personal data by which they can exploit financial channels and use all the resources for illicit activities, especially money laundering. KYB compliance helps in eliminating phishing and all other tactics as it helps firms automatically verify the real source.

Transaction Misuse

Also referred to as transactional laundering, the misuse of financial accounts is what most bad actors take advantage of. It is when hackers trap people who have access to legitimate merchant accounts. They lure them to process payments from real profiles for illegal activities. Fraudsters use transaction laundering to hide the true nature of the scam, making it hard for authorities to defect and find the real culprit behind the illicit transactions. KYB compliance helps by notifying possible loopholes within business systems as the transaction monitoring solution highlights people with access controls to different accounts. 

Virtual Currency Scams

Another type of scam which is common in the industry is virtual currency fraud. This type involves the use of cryptocurrency to perform illicit cross-border transactions. As these virtual currency transactions are not fully regulated in every region, there are high chances of fraud execution without detection. Virtual currency scams can occur through unregulated crypto exchanges and businesses that do not follow KYB compliance protocols. 

Read more: A Comprehensive Guide to Business Verification in the Crypto Industry

How KYB Compliance Ensures Security

Know Your Business (KYB) is key to verifying businesses worldwide. It plays a crucial role in helping businesses detect cross-border payments fraud. Firms can also follow trading compliance protocols with modern business verification solutions. Here are the top three ways firms can ensure security with KYB compliance.

Multi-layered Checks

KYB Compliance ensures security as it enforces the implementation of multi-layer checks and transaction processing controls to prevent fraudulent activities. With multiple checks, firms can:

• Authenticate each business interaction before proceeding to money transfers using 2-factor Authentication (2FA). 
• Detect and prevent suspicious transactions using AI technology, which automatically attaches a risk score with each business interaction. 

Anti-Fraud Controls

Firms can implement anti-fraud controls with complete identity verification of business owners, stakeholders, partners and even new customers. KYB compliance helps ensure that each business interaction is performed with proper verification controls such as:

• Document verification of business entities using modern technology to detect false papers and forged information.
• Risk assessment checks come in handy when dealing with new clients asking for large amounts of investments.
• Avoid shady cross-border payment channels that hackers can use to exploit transactions and misuse them.

Transactional Monitoring

Monitoring transactions in real-time is an integral protocol of KYB compliance and risk assessment. It can help in detecting fraud as the transaction is being monitored throughout the channel from sender to receiver. AI algorithms help significantly in identifying fraud and anomalous transactions by automatically flagging them in case of any compromise within the transactional data. 

Final Words

Ultimately, cross-border payments are the future of the business financial exchange as they simplify transactional processing. However, like every other digital system, there are many risks involved with cross-border payments as well. To overcome them all, businesses need to have KYB compliance rules in place with the latest technologies to safeguard their resources and revenues from fraudsters. 

Talk to our experts to learn more about KYB compliance and how we can help your specific business comply with global regulations with the right use of modern technology that is Artificial Intelligence!

Also read: Role of KYB Verification in Gaming and Gambling – A Comprehensive Guide

Fraud is one of the major threats to business globally. It has always been a hot topic of discussion among top officials in various sectors. With the advent of technology, society started to value transparency and fairness using digital applications. Fraud is a direct threat to businesses and individuals alike which opposes the demand for transparency. 

But just like every coin has two sides, technology also comes with a risk of fraud. In 2023, over $48 billion has been lost so far to online payments worldwide. To counter fraud, businesses all across the world spread information in their communities and workplaces, especially during the Fraud Awareness Week in November. 

This blog will discuss the importance of Fraud Awareness Week and explain how it plays a crucial role in fraud detection and prevention. 

What is Fraud Awareness Week?

The Association of Certified Fraud Examiners (ACFE) took the initiative in 2000 to counter fraud. International Fraud Awareness Week is a response to rising fraud rates and thousands of organizations come together worldwide to raise digital fraud awareness. ACFE provides access to large-scale content for businesses to take part in this initiative and spread awareness among their audience without any hurdle. 

Fraud Week is held from November 12th to 18th globally to make people aware of prevailing fraud types, the way cybercriminals execute them, and how to prevent them. ACFE has a complete guide for businesses for anti-fraud training of their employees and customers. A study states that ACFE has experienced a 38% decrease in fraud losses and a 33% reduction in fraud duration with this extensive training manual for organizations. 

Key Highlights of Fraud Awareness Week

Fraud Week has had significant results when raising awareness among businesses in the market. Speaking of results, startups and new players in the industry highly benefit by participating in these initiatives. Below are the key points that Fraud Awareness Week entails in its 7-day program.

The Significance of Reporting

Fraud detection is half the job, reporting it to the respective authorities is necessary to put an end to it. This is where businesses need to have a hotline or an effective reporting mechanism in place. It enables firms to file a report instantly, aiding significantly in the fraud prevention process. ACFE states that firms that have a hotline, detect fraud more easily than those without it. 

Additionally, businesses must develop a fraud reporting process within their communication and interaction channels. It not only helps in increasing transparency but also ensures fraud prevention much faster, which leads to minor losses overall. The stats speak the same, as firms that lack hotlines experience fraud duration of 18 months on average with double losses, rising to $2000k on average!

Strengthening of Internal Controls

Internal control and access is an essential measure of fraud detection. It is what fraudsters target the most to gain a pathway into core business operations. Although many anti-fraud controls are present in the market, the ACFE recognizes the measures below to be most effective in reducing fraud, with a good score of 50% reduction in fraud losses and duration. 

Setting up an internal audit department to streamline the internal flow of controls from higher officials to other resources within an organization is essential to strengthen internal controls. Moreover, having certification of management on every financial statement helps businesses develop a good anti-fraud strategy. Lastly, regular reviews of internal control distribution of core business areas such as operations, accounts, and transactions from the management are crucial to minimize fraud risk.

Modern Internet Fraud Schemes Awareness

Setting up a strong foundation to fight fraud starts with raising awareness of common internet fraud techniques fraudsters use to trick businesses and individuals alike. The main methods are:

• Phishing
• Trojan Attacks
• Ransomware
• Business Email Compromise (BEC) Attacks
• Spyware
• Fake Online Stores

Fraudsters utilize these techniques to exploit businesses or generate illicit revenue online. The cash they make from these strategies is used in other illegal activities such as terrorism financing, drug trafficking, and money laundering. 

Read more: Top 4 Ways to Reduce Chargeback Claims

Anti-Money Laundering Practices

Speaking of money laundering, it is necessary for businesses to set up protocols to regulate their income and expense streams. Complete verification of internal entities such as employees, business investors, and clients can help firms reduce money laundering attempts. It is one of the main topics of many fraud conferences during International Fraud Awareness Week. 

AML practices include proper verification, screening, and due diligence of every outside entity as fraudsters use shell companies to execute illicit activities. Moreover, risk assessment is also crucial when making transactions and entering new partnerships with other businesses. Lastly, complete employee training can help businesses strengthen their AML controls at all organizational levels. 

Identity Theft Prevention

Identity theft is the go-to strategy for attackers to exploit businesses. They get hold of the personal information such as IDs, usernames, and passwords of internal employees or officials to gain access to business operations. Many ways of identity theft prevention are part of Fraud Awareness Week. 

Biometric verification of employees and every other entity that interacts with online business systems to ensure genuineness. Confirming unknowns every time they call and claim to represent a legitimate business or stakeholder. Lastly, setting up complete network security within organizational networks with firewalls, anti-ransomware and spyware tools, and other detection software solutions to increase security. 

Why Do People Commit Fraud?

Many people ask a basic question during Fraud Week conferences, which is why, in the first place people commit fraud. They inquire about the main motive behind this practice that plagues digital channels. There are many reasons behind this act and it is not right to pinpoint a specific one. Personal life gains or issues can lead to committing fraud. Debts and desires can also be added to this list. Sometimes, people look for shortcuts to success in making large amounts of money, this can also be the reason they look for fraud gateways within business systems. 

Conclusion

International Fraud Awareness Week is a great initiative to raise awareness among businesses of prevailing fraud techniques. Highlighting key factors and possible loopholes within business strategies are the main topics of discussion during Fraud Awareness Week. The KYB is part of this initiative and aims to eliminate digital fraud using modern AI solutions that transform UBO and business verification. 

Contact us to get a complete walkthrough of how we can help your business become fraud-free.

Businesses are dealing with numerous fraud attempts and chargeback claims is one of them. These false chargebacks hinder business growth as they come with costly fees, transaction processing, and lost shipping charges. The time and resources lost in disputes and meetings are also a damage to the company’s customer coverage. Moreover, a large number of chargeback claims can lead to reputational damage, which can even result in merchant account termination. The facts speak louder as they highlight the enormous $41 billion lost in payment fraud globally in 2022. This blog will explain what chargeback protection is and will present a guide to businesses on how to reduce chargeback fraud. 

What are Chargebacks?

E-commerce players are well aware of chargeback attempts, which are also referred to as disputed transactions. In this process, customers request a refund of their order they didn’t intend to buy or didn’t receive on time. For instance, in factual scenarios, a user orders something from the e-commerce platform and pays for it online using a credit or debit card, after which they decide to cancel the order and request a refund due to delay or lack of customer support. If the merchant doesn’t respond with a proper reason, the user initiates the chargeback claim to the credit/debit card issuer.

Various Types of Chargebacks

There are various types of chargeback claims, but this blog will cover the top three ones:

Fraud Attempt

The first type of chargeback is a criminal fraud attempt. In this type, the fraudsters make purchases from stolen card data, and when the real cardholder receives the email notification of the purchase, he files a chargeback claim to the card provider. 

Merchant Error

The second most common type is when the merchant or a company makes a transaction error. For instance, a bug in the e-commerce platform can charge incorrect amounts or extend delivery times of the purchase. 

Friendly Fraud

In friendly fraud, the cardholder attempts chargeback claims for the items they intend to keep. It is when a person buys something online and receives it fully functional without any delays or interruptions. After that, they file a chargeback claiming that they never purchased the first place. 

Chargeback Claims – How it Impacts Businesses

Every modern-day business experiences chargeback claims in one way or another. Having a fraud prevention solution in place is necessary for almost every e-commerce platform nowadays, as these attempts are increasing each day. Customers purposefully lying about purchases, fraudsters ordering products using stolen card data, and illegitimate businesses trying to keep the amount all fall under chargeback fraud. 

Without a proper fraud prevention and detection protocol, firms can experience significant losses. According to the statistics, merchants can face $100 billion worth of chargeback claims by the end of 2023, as 75% of companies are experiencing a rise in fraud attempts.

As per the standards and customer protection policies, companies have to pay up to 3 times more than the price when a chargeback is filed. This heavily impacts firms new to the e-commerce landscape as it pushes the undesired expenses off the limit. 

Ways to Reduce Chargeback Claims

Here are the top four proven methods a business can implement to reduce the number of chargeback claims:

Human Intelligence

The first method is the use of human intelligence when verifying payments. Businesses having a relatively smaller number of transactions can process payments manually, just to ensure no illegal purchase passes within the system. Although, this is not a perfect approach for corporates processing thousands of orders each day. They need to have a complete chargeback protection system with AI capabilities to easily predict fraud risk. This can lower the risk of fraud while reducing false chargeback claims, ultimately leading to business success in the long run. 

Automated Review

To reduce the losses from chargeback claims, it is necessary to automate the payment processing strategy with a complete reviewing system. With an automated chargeback review module, businesses can track ongoing transactions and product purchases. Every transaction is automatically reviewed with security solutions to check for various types of cybercrime activity. Modern chargeback protection solutions check for multiple types of activity, such as money laundering, fraud, identity theft, corruption of information, terrorist financing, and even bribery. These systems utilise the power of AI to detect abnormal transaction patterns, helping businesses identify unusual transaction amounts, number of purchases, and origins. 

In-Depth Data Analysis

Speaking of AI and data analysis, companies can identify diverse patterns from a single transaction to detect false chargeback claims. Extracting in-depth data can provide large-scale information such as checkout flows, card networking patterns, bank/card provider information to even anomalies and risks for various types of transactions. Employing a suitable business verification solution can eliminate delays and regulate the company’s workflow. There are many factors to consider when assessing a transaction risk, such as IP or geolocation from which the claim is filed. Other than that, social network analysis and device biometric processing are crucial factors in this regard. 

Transparent Refund Policy

To reduce chargeback claims, firms must implement a transparent refund policy that clearly states the steps in case of digital crime or fraudulent attempts. This can help reduce chargeback claims being filed in the first place, as users are aware of the processing time and the legalities listed in the policy. So instead of initiating a chargeback, firms can encourage the firms for a refund that also implies losses but is significantly lower than chargebacks.

Conclusion

Although there is no assurance of stopping chargeback claims completely, taking these approaches can help businesses reduce the rate and minimise the risk of hefty losses. Before any legal action, firms should always evaluate the type of chargeback they face. Employing an AI-powered fraud prevention solution is a game changer in this regard that can not only reduce chargeback claims but also provide in-depth data analysis to businesses, allowing them to make informed financial decisions in the long run. 

Contact us today to future-proof your transaction monitoring process with a best-in-class financial risk assessment solution.

Technology is driving the modern business industry across the globe with new ways of interaction. While it is the main foundation of the modern business landscape there are other concerns of fraudulent activities. This fact is well backed up by a survey which reveals over 47% of organisations under a high fraud rate in the past two years. The high rate of fraud indicates the importance of identifying verification or primarily Know Your Business (KYB) compliance solutions for businesses to strive in this fast-paced market. Using tech-enabled solutions, firms can stay away from illegitimate or shell companies in the business landscape, giving your business a clear view of future objectives and goals.

This blog will discuss the need for technology to enable thorough business verification, eliminating potential risks of digital fraud. 

Introduction to KYB Compliance Solutions

Before diving deeper into the world of regulation let’s first understand what compliance is and how it is transforming security. 

Compliance is a set of standards to regulate the organisational adherence to laws and duties. This ensures a seamless workflow of firms with the aim of reducing scams and fraud. Most times a compliance solution is in place to stay in line with global and regional compliances.

A KYB compliance solution refers to tools, processes, and systems that are equipped with local and international industry standards to maintain regulation. The businesses that employ find it easy and reliable to comply with industry standards and internal policies. With the advent of technology, these KYB compliance solutions are becoming intelligent, ensuring a lawful and secure market. 

Are KYB Compliance Solutions Necessary?

Moving on, the next most asked query in the industry is why using a KYB compliance solution is necessary for my business. The answer to this question is simply, Yes! To back this answer, let’s look at some facts:

• According to the Association of Certified Fraud Examiners (ACFE), 5% of annual organisational revenue is lost to fraud.
• The Anti-Phishing Working Group (APWG) also reports an enormous 81% increase in phishing attacks without a proper KYB compliance solution. 

These figures justify the importance of having a KYB corporate compliance solution in place in order to prevent attacks and stay away from illegitimate businesses. 

How Modern KYB Compliance Solutions Work?

The next main question is how to implement KYB compliance solutions to verify a business. Firstly, it is crucial to choose the right compliance solution for your needs as there are many tools available in the market that utilise various technologies. Choosing the right solution which is cost and resource-effective is the best way to go in the first place. Here is how modern KYB compliance solutions work:

Data Collection From Global Databases

The first step in the phase of every modern business verification service is the collection of relevant organisational data. It is the core step in which technology, especially AI, is leading the way with fast data processing. KYB compliance solutions with AI-powered tools work relatively faster compared to traditional ways of business verification. They process data in real-time, ensuring due diligence through trained Money Laundering Reporting Officers (MLROs) to optimise the KYB process.

Business Verification Using Digital Methods

The second step in the cycle is business verification using reliable data sources globally. Now this is where AI can speed up the process significantly. A manual KYB solution can lead to delays and major inefficiencies causing a bad customer experience. With a proper automated KYB solution, your business can fast-track the tedious verification processes such as the identity verification of officials, filing documents, analysing registry information, and screening an organisation against complete Anti-Money Laundering compliance requirements.

Ongoing Monitoring using Risk Assessment Tools

Once a business verification is complete, it is ready to start its operations with other businesses across the market. But still, there are many factors that need to be monitored throughout the business cycle. With an AI-powered KYB compliance solution, your business can easily monitor new clients and business partners throughout every interaction. It is the third main operation of a KYB compliance solution. With automation, any suspicious and illegal activity will trigger an alarm within the system. This easily notifies a business of any fraud risk and breaches. This whole process is referred to as Perpetual KYB and helps businesses continuously monitor their alliance with partners in real-time. 

Automated Reports with AI Data

Reports are necessary for every business to analyse its performance over time. Generating performance reports with a crucial assessment is necessary and doing it manually is not a very good option in today’s digital world. An intelligent KYB compliance solution can do this task automatically with built-in reporting options, giving your business a competitive edge in the market. Using these detailed reports, firms can assess their performance in terms of objectives, partnership goals, future operations, and resource allocation. Any previous damage from fraud is also a part of automated reports showing the loophole and possible solutions to fix it using modern-day technology. 

Final Verdict

A Compliance solution is necessary for businesses to survive in the modern business market where fraud and cyberattacks are prominent headlines. But gone are the days of manual verification for each business partner. Technology is driving cybersecurity and KYB compliance solutions are no different. Using modern-day solutions, firms can help detect and prevent fraud from fraud or shell companies in any form. Companies can ensure compliance by employing modern data analysis techniques that easily identify red flags and even notify for any suspicious activity in the long run. Investors, partners and even consumers can take advantage of business verification services, allowing them to achieve stability in both financial and reputational terms. 

Contact us now to verify business legitimacy using market-leading tools and AI solutions.

The digital world is getting more and more immersive with the introduction of new technologies. Especially in gaming and esports, firms experience a whole lot of new developments. People are finding new ways of gambling online and with other audiences from all over the world. According to Statista, the online gambling revenue is 

estimated to rise at the 8.54% CAGR, resulting in a projected market volume of $132 billion by the end of 2027. As the market is growing rapidly, businesses that are participating in online gaming and gambling experience a high rate of fraud and money laundering. This blog will cover all the crucial aspects of KYB verification and gaming compliance across the evolving esports industry. 

How KYB Protects the Gaming Industry

The Know Your Business (KYB) process is necessary in many industries. Speaking of the gaming sector, companies must meet the gaming compliance requirements. Here are some of the ways KYB can help businesses maintain their involvement in the gaming and gambling industry.  

Verification of Gaming and Gambling Businesses

The largest segment in the Esports market is sports betting with over $2.1 billion market volume recorded in 2023. This enormous figure indicates that businesses also participate in e-sports to invest their shares in betting and playmaking. Speaking of businesses participating in gaming and gambling, it is crucial for gaming platforms to verify the identity of an organisation before onboarding them for future trading. Gaming operators should employ a complete KYB verification solution to identify real entities before business onboarding or engaging with them through partnerships, trading operations, gambling, and other types of sports betting. KYB can help firms to conveniently onboard new clients, gaming studios, players, and new investors without compromising security and compliance. 

Identifying Real Partners

With a proper KYB verification solution, gaming operations can identify real partners behind any new game developers who want to register for public operations. The gaming industry experiences new players with modern gaming platforms almost every day. Before registering them with their player base it is necessary to identify the genuineness of the company. KYB verification works by layering data from a wide range of sources to check for the authenticity of business partners before onboarding them, particularly for online casinos, betting firms, and other gambling sites. Most AI-powered KYB verification solutions automatically gather the required data such as business addresses, stakeholders’ backgrounds, and previous track records to verify a business’s authenticity. 

Securing Online Gaming and Gambling Platforms

Fraudsters can exploit online gambling platforms for money laundering and the transfer of illicit funds for terrorist financing. They use online casinos to deposit illicit cash into offshore accounts using their prepaid cards, cheques, or even cryptocurrencies, showcasing sports betting and gambling. For gaming, players can exchange in-game merchandise, skins, and weapons which they buy for real cash. Illegal businesses and shell gaming platforms provide players with a heavy discount on all these in-game accessories making them pay. While they don’t scam the end-user in the first place, they use that revenue for illicit transfers and operations. This is the reason many game development firms recommend avoiding third-party markets for in-game accessories as there are high chances of fraud. For businesses, the KYB Verification solution is a lifesaver in this regard as it verifies all the third-party players helping firms verify every crucial aspect.  

Enhancing Gaming Data Compliance 

Every new game, especially the ones with multiplayer options, needs to follow a certain set of guidelines for fair use of players’ in-game interactions, such as personal, gender, location, and age information. The implementation of voice chat also needs complete regulation to protect player privacy and the exchange of sensitive information in-game. 32% of gaming executives working in top firms agree that making use of the data their companies collect is a significant challenge. While it is a difficult task for giants to regulate player compliance, businesses that enter the gaming and gambling market for investment and exposure can experience a significant challenge as well. Registering with an unverified company and sharing all the sensitive information with them is not a great option for firms. 

A KYB verification solution can help in this regard by implementing gaming regulations. KYB checks ensure online gaming safety by verifying all important aspects, such as partner legitimacy, payment processing gateways, and AML screening of core officials behind the organisation.

Preventing Money Laundering and Crimes

Speaking of AML screening, businesses need to verify platforms before exchanging finance or simply gambling. Many shell companies and agencies are operating across casino networks, looking to lure potential targets. And what’s a better target than a full-fledged business? In most cases, they ask businesses to provide all the necessary information for the sake of registration to those fake casinos before they can start playing and betting. Businesses that skip KYB verification fall into these traps giving away all the necessary information which ultimately leads to data leakage and can cause financial loss. KYB verification plays a crucial role in regulating global compliance across the gaming industry, protecting player and business privacy, and preventing data leakage. 

Key Takeaways

Businesses that are participating in the gaming sector can face several challenges when it comes to data protection and privacy. Not only in terms of data, putting stakes in online gambling and casinos can cause financial loss as well if not properly assessed beforehand. KYB Verification solution comes into play in mitigating these risks. It provides a multitude of advantages in terms of new business partnerships, casino games, online betting and even investing in a gaming firm. Ensuring AML in gaming, KYB verification can help businesses evaluate every crucial aspect such as payment processing channels, partner credibility, and platform authenticity. Looking for a KYB verification before stepping into gaming? Contact us for complete coverage of business risk assessments and compliance.

KYB checks are crucial in the business development of every organisation and they cannot be neglected. With the increase in technology adoption across various industries, firms are relying on digital KYB verification techniques to confirm the identity of a company. With appropriate checks in place, businesses can comply with global regulations, reducing fraud and increasing trust overall within the industry. This is why e-KYB solutions are increasing in number and the market size is expected to grow above $318.11 million by 2026. But businesses across multiple industries especially banking and B2B spend too much revenue on KYB checks. 

This blog will give a detailed walkthrough on the top five aspects of business that take up most of their income stream revenue on KYB Due Diligence. 

Why do Companies Need to Implement KYB Checks?

KYB Checks are necessary for firms across a wide range of industries as it is the factor which evaluates the genuineness of a business. Before any business partnership and client onboarding, organisations carry out the KYB process using sophisticated tools that analyse a business track record, assess their risk score and screen them against global regulations for any possible chance of reputational damage or sanction. All businesses operating in the financial sector (Banks, Financial Institutions, Insurance Companies) need to have sound partnerships and client onboarding solutions to prevent any potential loss. 

Why Businesses Overspend Money on KYB Checks?

KYB Checks are not for free, they come at an expensive cost. However many firms overspend while verifying other potential clients and partners. Here are the top 5 reasons why:

1. In-House Business Compliance Department

From hiring a single employee to setting up a complete compliance department, everything costs money. Highly skilled individuals can take a potential share of your business revenue. For instance, scouting the best talent, calling them for interviews, choosing the best among the candidates and onboarding people from the market all take quite a substantial share in revenue, especially if the business is a startup. Glassdoor backs up this statement as well, stating a hefty $13300 salary for a skilled individual in competitive markets. Adding taxes and other legal charges on top of it can easily increase the figure to $150K. At this point, as a business owner, you must be wondering about a possible solution to it. The use of automation and technology that takes care of all compliance operations automatically. 

2. Outsourcing to Law Firms

Many businesses outsource their compliance operations to law firms or simply lawyers who take up high amounts of money. As per the estimations, any law office can easily cost your business around $5000 per verification or project. At the same time, you also are not aware of any KYB due diligence process being carried out, from data analysis to the final person ensuring the quality of each operation. These charges also vary from company to company depending on the business size and structure. The bigger the business size the higher the amounts they charge per verification. So it is always a better option to outsource your compliance and KYB operations to firms that charge less and use a transparent method of verifying your business partners.

3. Paying Without Assessing Quality

The third reason why businesses spend too much on KYB checks is quantity over quantity. Many compliance agencies offering KYB checks implement multiple modules to assess business risk. Most times they charge separately for every solution they use, making the total cost significantly higher. Reducing the number of modules can result in comparatively lower quality KYB checks without proper use of technology, leaving chances for incomplete assessment. Crimes like money laundering, fraud and terrorist financing can cause damage to businesses that do not follow proper KYB checks. 

4. Using Multiple AI Tools

In the age of technology, AI assists in KYB checks as well as putting up all the sophisticated methods of verification in a short amount of time. But every AI tool comes with a whopping price and when there is a need for multiple types of checks, the price can go higher and higher. For instance, UBO verification, sanction screening, risk analysis, and PEP monitoring are different operations and require multiple AI tools in order to achieve the perfect KYB check. Speaking of AI tools, get ready to subscribe to a monthly or annual fee in advance, which can start from $100 to $1000 per month depending on the business size and number of checks. Some AI tools charge $15 for a single and simple KYB check. Paying for multiple AI tools is another reason businesses overspend on KYB compliance. Instead, they can outsource it fully to a competent compliance firm or an AI-powered business verification solution. 

5. Developing Custom Verification Processes

High chances are that you develop a customised onboarding process after trying tens to thousands of KYB verification solutions. It may seem a good solution in the first place but it can take your business through a complicated and cost-intensive process as you have to verify every new business manually. Whenever developing a customised strategy for business verification, many organisations start with collecting customer data and market status. This initial process is time-consuming and requires a lot of resources to collect data and set up a verification strategy. Taking identity documents, business compliance data, Ultimate Beneficial Ownership IDs and all related information can become increasingly difficult. Instead, using a third-party verification solution for KYB checks with a one-time payment can help reduce costs significantly. 

Final Thoughts

Spending on any of the above-mentioned operations is not bad at all. Setting up an in-house compliance department and custom verification process is a great initiative in the long run but can make a significant spike in your business expense graph. Instead, automation is the solution for every business process in today’s fast-paced landscape. Using the power of AI, KYB checks are no longer difficult and time-consuming. Using KYB’s business verification solutions, firms can enhance business onboarding operations while keeping their expense charts in control. 

Contact our experts today to get a complete walkthrough on KYB checks for different industries.

Investment is undoubtedly a complex initiative, especially concerning private investment opportunities. However, it’s even more challenging to identify which business or individual qualifies as an accredited investor. These investors are wealthy and powerful entities with access to specific hidden deals and can sponsor unregulated securities. 

Since financing in securities that aren’t handled by a financial administration such as the Securities and Exchange Commission (SEC) can be dangerous, the US regulations require people or commodities to meet certain prerequisites before investing. Nevertheless, the accredited investor verification process is an absolute element of financial regulation and securities law, developed to protect investors and issuers. This comprehensive guide discusses who accredited investors are, their verification process, and the best practices to ensure compliance with standard regulatory requirements.

What is an Accredited Investor?

An accredited investor refers to the person or an entity holding permission to invest in unregistered private security offerings. Nevertheless, an accredited investor must meet the following three requirements as per SEC:

• Skills: The individual must be a knowledgeable person regarding certain investment funds and have a valid series of 7, 65, or 82 licenses.

• Income/Earning: The investor must have an annual income of a minimum of $2,00,000 to $3,00,000. At the same time, the income level must be sustained every year.

• Net Worth: An accredited investor must have a net worth of $1 Million or more, whether individually or with a spouse. 

The strict requirements are implemented to protect investors who may not have enough funds to bear significant failures. Nevertheless, the SEC believes that inexperienced investors can be at a disadvantage, especially considering that these investments often require substantial initial investments. In addition, investing in early-stage startups or hedge funds carries higher risk as they only disclose basic information to investors.

Suggested Read: KYB for Global Operations: How to Create Cross-Border Business Verification?

Securities that Require Accredited Investor Verification

The demand for accredited investor verification comes in several investment scenarios. However, having a basic understanding of such strategies is essential for both investors and developers. Following are the types of securities requiring accredited investor verifications:

• Hedge Funds

Hedge funds usually demand accredited investors. These funds utilize complicated and higher-risk investment plans, eventually making it fundamental that investors must be financially qualified enough to take part.

• Private Placements

Private placements include the sales of securities to a particular class of investors without any need for public offerings. Businesses seeking to boost capital via private placements can limit their offers to accredited investors. 

• Crowdfunding

Accreditation matters even in the world of crowdfunding. The SEC’s Regulation D allows crowdfunding offerings to accredited investors. Additionally, this also enables startups and established enterprises to boost their revenues with the help of these investors.

• Venture Capital Investments

Venture investments generally involve funding early-stage and high-potential startups. In this space, investors are normally required to be accredited because of the high level of danger associated with these investments.

An Overview of the Accredited Investor Verification Process

Accredited investor verification is an essential process before onboarding. Nevertheless, the methodology may vary depending on the nature of the investment opportunity. However, some key components of the verification process are as follows:

Pre-Verification Phase

The following are some essential pre-verification actions that need to be carried out before the actual verification process begins:

• Identification of potential Investors: Businesses must determine whether a potential investor qualifies for accredited investor status. This is the first step in ensuring that eligible participants have access to investment possibilities.

• Gathering Necessary Documents: As part of the verification process, investors must provide relevant financial documents for authenticity. Statements from investment accounts, bank accounts, tax return records, and, if required, professional qualification certificates are all included in these records.

Significant Accredited Investor Verification Methods

The following are the main approaches to verifying the status of accredited investors:

• Self-Certification: Investors can attest to their accreditation status by themselves using this verification technique. In order to verify that they are fulfilling the necessary requirements, the process involves filling out a statement or questionnaire.

• Third-Party Verification: Many issuers choose third-party verification options. These firms are able to independently confirm an investor’s financial data and issue a report attesting to their accredited status.

• Written Verification via Professionals: If an investor has professional certificates, any accredited expert can attest to their accreditation through documented verification.

Primary Documents Required During Investor Onboarding

The main documents required to verify investor background are as follows:

Bank Statements

During the investor onboarding process, bank statements are used to authenticate financial assets and analyze an individual’s net worth.

Tax Returns

In investor due diligence, tax returns confirm the income and sometimes net worth. In most cases, investors are demanded to show the tax returns of the past two years in order to prove their ability. 

Statements of Investment Accounts

Statements from investment accounts are advantageous for documenting ownership of assets such as bonds or other securities.

Best Practices for Accredited Investor Verification

There are certain steps businesses and financial institutions must take to ensure and maintain a successful accredited investor verification process:

Investor Due Diligence

Mere investor verification is not enough during their onboarding process. In fact, thorough due diligence is necessary, requiring the verification and cross-referencing of all the information given with the provided documentation.

Ongoing Monitoring

Investor verification is a continuous process. Therefore, it is imperative for businesses and financial institutions to establish continuous monitoring mechanisms to verify that authorized investors consistently fulfil the requirements.

Employing Professional Service Providers

One easy way to improve accuracy and expedite the process is to hire verification service providers with expertise. The KYB is experienced in managing the intricate process of accredited investor verification.

Ensuring Regulatory Compliance

Regulations regarding accredited investor onboarding can change over time. Therefore, businesses and investors need to stay informed about relevant modifications to ensure compliance.

Wrapping Up

For companies and financial institutions involved in the world of private investments, understanding and adhering to the accredited investor verification process is a legal requirement. In fact, it’s a relevant component of responsible investing and capital formation. The KYB helps businesses and financial institutions with investor onboarding while empowering businesses to make knowledgeable decisions efficiently. Contact our experts today and foster your business partnerships effectively.

Read More: Sanctions and PEP Screening: Ensuring Compliance with KYB Regulations

Growth without challenges is a myth and the same goes for businesses. As technology advances rapidly, obstacles to ensuring transparency are also rising. Despite limitless expansion opportunities, companies constantly struggle to keep their financial systems and client onboarding processes as smooth as possible. 

As per a report released by the Association of Certified Fraud Examiners (ACFE), businesses in the US lose 5% of their revenue annually due to fraud, therefore, according to standard Know Your Business (KYB), corporate onboarding is the need of the hour. Verification of corporation legitimacy, ownership structure, and screening through adverse media watchlists before establishing strong business relationships can save companies from huge losses. This article discusses the significance of corporate screening and shares a step-by-step process to walk you through the corporate onboarding process.

Corporate Client Onboarding: An Overview

According to conventional business onboarding methods, companies used to register them after face-to-face sessions and by hand signature of documents. However, this is not the only client onboarding method at present. As everything goes digital, the corporate client onboarding process has evolved with technology and time. 

Nevertheless, corporate onboarding in businesses and financial institutions is a critical procedure as it’s an in-depth process requiring several stages of KYB verification. However, business verification service providers help companies with seamless KYB onboarding via advanced technological approaches. These advanced solutions allow businesses to onboard their corporate clients efficiently while meeting standard regulations.

Regulatory Landscape of Corporate Screening

Numerous international regulations now necessitate financial institutions and shell companies to ensure compliance with the KYB onboarding system. Multiple Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) measures, for instance, the USA PATRIOT Act and the EU’s 4th AMLD (Anti-Money Laundering Directive), clearly require strong KYB verification processes during customer onboarding. Companies often fail to comply with legal requirements and face severe consequences, such as penalties, cancellation of business licenses, and even detention of involved authorities.

Nevertheless, the regulatory environment for KYB onboarding must be more consistent and uniform. At present, the corporate onboarding regulations may differ in various regions of the world, with their own set of regulations and complexities. However, this difference makes it imperative for companies to modify their corporate screening regulations as per regulatory and compliance requirements for the specific region. In fact, this is crucial for all multinational businesses, and companies tend to expand their roots globally.

Significance of Corporate Onboarding with KYB Standards

Businesses and financial institutions need to carry out corporate onboarding with KYB standards in order to evaluate the risk of fraudulent activities associated with corporate clients. KYB compliance holds crucial importance when it comes to maintaining strong corporate connections between one or two companies. The process helps companies verify business owners, beneficiaries, or hidden entities involved in financial manipulations and crimes like money laundering.

Know Your Business (KYB) standards allow companies to confirm the legitimacy of businesses while evaluating their collaboration with legal entities and shell corporations. Since corporate clients are complicated in their nature of working compared to individual clients, thorough research is required to understand their corporate framework. Hence, financial institutions must prioritize KYB verification to bypass the consequences of inaccurate processes.

5 Primary Steps to Corporate Verification

Corporate onboarding is a complex task and hence requires a regulated verification approach. Standard Know Your Business (KYB) regulations, in this regard, help businesses conduct detailed checks of business owners and corporate frameworks to ensure transparent corporate verification. Following are the primary KYB steps companies must follow during business onboarding processes:

Verifying Documents during Company Registration  

The first step of corporate client onboarding is the examination of business licenses and other important documents. The in-depth evaluation of documents ensures the legitimacy and authenticity of organizations. Additionally, it also provides maximum details regarding ownership structure and organizational framework, along with beneficiary details, to smoothly verify the company’s presence.

Confirming Ultimate Beneficial Owners (UBOs)

A more profound understanding of members is necessary to understand a company’s framework and context. Institutions must utilize the Know Your Customer (KYC) procedure to authenticate a company’s owner. Nevertheless, the identification of UBOs and their activities allows companies to detect illicit financial activities.

Investigating Watchlists & Adverse Media Coverage

During corporate onboarding, researching a company’s activities is essential to verify its credibility. It helps businesses to investigate who their corporate clients interact with, what they are famous for, and if there are any illegal activities in discussion on media platforms. Moreover, their interaction with clients and partners helps analyze the risk associated with these business clients. 

Determining Politically Exposed Persons (PEPs)

Politically Exposed Persons (PEPs) are individuals holding prominent positions in the public sector, which makes them exposed to the risk of corruption, fraud, and other mishandling. Therefore, businesses and financial institutions connecting with these individuals are also at greater risk. Determination of PEPs allows companies to identify the threatening members of the respective company and eventually make practical decisions regarding corporate client onboarding.

Investigating Sanction Lists

Individuals and companies involved in illegal financial activities are added to the sanction lists (also known as blacklists) by international regulatory authorities such as the Financial Action Task Force (FATF). Therefore, businesses must verify those sanction lists during customer onboarding. Businesses can analyze a large number of lists to identify company names and their members in KYB verification before official business onboarding.

Remarkable Benefits of Corporate Verification

Registration of businesses via KYB onboarding procedures comes with multiple benefits. However, some primary benefits are as follows:

• Reliable Sources for Data Verification: Companies must ensure that the information they utilize for KYB verification maintains compliance and is sourced from trustworthy resources.
• Optimized & Automated Processes: Corporate onboarding via automated KYB methods allows companies to ensure an efficient registration process. Companies can conveniently utilize digital automation tools to optimize the verification process.

• Periodic Updates: Since companies constantly evolve, efficient KYB onboarding allows businesses to stay updated regarding corporate client activities while understanding their legal status.

How The KYB Can Help

Corporate onboarding with KYB standards allows businesses and financial companies to prevent fraudulent activities. With the increasing regulatory conditions and technological advancements, The KYB introduces thorough corporate screening processes to streamline your business growth. Additionally, our experts obtain accurate company data and conduct thorough due diligence to help businesses build long-lasting business relationships.

Want to learn more about corporate client onboarding? Talk to us today.