Navigating The Complexity of Ownership From The Lens of Sanction By Extension
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The KYB serves as the primary data source for verifying businesses and conducting corporate due diligence in over 250 countries and states.
Navigating the Complexity of ownership from the lens of Sanction by Extension
Mitigating Business verification complexity with The KYB in MENA Region
Onboard businesses with our swift KYB verification.
Expand globally without facing non-compliance challenges
Identify high-risk corporate clients while uncovering UBOs
Mitigate the risk of onboarding a shell company.
Partner with trusted companies and beneficial owners
Fortify your supply chain and ensure enhanced security
Mitigating Business Verification Complexity with The KYB in MENA Region
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KYB stands for Know Your Business, which is a due diligence process that companies use to verify the identity and legitimacy of their business partners or customers.
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11 April, 2024
In the bustling marketplace of Canada, verifying the legitimacy of widespread business terrain is a challenge. For KYB Canada, the business information is scattered over the business registry of each province and territory. This dispersion of data adds to the challenges of business verification services in Canada. From exploring official databases to analyzing them with data scoring, this article will equip you with the knowledge to verify business in Canada to mitigate the risk of fraud and regulatory sanctions.
Business verification in Canada is subject to many challenges while performing the KYB checks during corporate screening. A few of them are listed below
There are multiple regulatory bodies in Canada that are working to ensure compliance with regulations and maintain a risk-free business ecosystem. A few of them are stated below;
Following is the Data Score for business information available on the official business registry of Canada. The table below is the business data available at the official provincial registries of Canada for KYB checks.
Following is the Ultimate beneficiary information available on the official business registry of Canada. No information is available about UBO Canada on the official business registry which leaves a loophole that can turn into a serious risk of regulatory non-compliance.
The KYB has consolidated business data from 200+ countries and states that gives access to multiple registries on one go. The KYB has retrieved data from 40+ official business registries and sources in Canada that provide access to the business information for corporate due diligence in a single place instead of navigating through multiple sources. Another critical aspect of The KYB that facilitates business verification in Canada is Ultimate beneficial owner identification. None of the business registries in Canada provides information about UBO except for Novia Scotia. It only gives information about owner names or the business registry of King Edward Island. As it provides information about the percentage of the ultimate beneficial owner only.
Furthermore, The KYB includes detailed information about owners to accurately know the intricate ownership structures and shield themselves from regulatory sanction. The KYB helps to comply with AML regulations by performing corporate due diligence before business onboarding.
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