Banking

Automate your decision-making and fast-track growth in the banking industry

Streamline compliance and onboarding procedures while eliminating the risk associated with clients in real-time using The KYB tailored solutions.

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Compliance, verification, and onboarding challenges the banking sector faces

An increased risk of regulatory fines or sanctions using non-compliant KYB solutions.

With no or limited due diligence, banks can become victims of money launderers and financial criminals.

Manual verification impacts customers' experience adversely while increasing the drop-off rate.

Having no access to international financial crime databases increases the risk of onboarding PEPs, criminals, and high-risk entities.

Uplifting banking standards while restricting fraudsters for streamlined onboarding with The KYB’s built-in-class business verification solutions

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Convert more businesses

With The KYB, the banking sector can achieve complete control over branding, compliance, and security measures while enhancing and fast-tracking business information collection. Remove friction from the verification and onboarding procedures while meeting compliance at ease.

Strengthened reputation & customer trust

Demonstrating a strong commitment to KYB instills confidence in customers and business partners, fostering a positive reputation for the bank as a reliable and secure financial institution.

Smooth high risk transactions

The KYB enables banks to assess the legitimacy and reputation of businesses in high-risk transactions, ownership structures, and scrutinizing activities. This ensures a smooth flow of funds vital for international trade and financial operations while effectively mitigating the risk of terrorist funding. Enhanced due diligence measures are implemented for high-risk transactions.

Secure Business Verification

Facilitated market expansion

By using robust KYB practices and real time data from over 225 global sources, banks can confidently enter new markets and engage in cross-border transactions, expanding their global reach and driving growth opportunities.

Seamless M&A & secure cross-border trade

In mergers and acquisitions transactions, KYB assessments enable banks to make well-informed decisions by verifying the corporate structure, assessing financial health, and identifying potential risks. Simultaneously, KYB in banking plays a pivotal role in facilitating cross-border trade for corporate clients, allowing banks to conduct thorough checks on international partners' identities, financial stability, and compliance history. Seamless M&A activities and secure cross-border transactions facilitate banks to build trust, enhance risk management, and thrive in the global financial landscape.

Compliance with AML/CFT regulations

According to Forbes, financial institutions were fined $26 Million for violation of regulations. But adopting comprehensive KYB practices can allow banks to stay compliant with Anti-Money Laundering and Counter Financing of Terrorism regulations, saving them from such hefty fines. Proper KYB processes ensure that the bank adheres to the requirements set by regulatory authorities, such as the Financial Action Task Force, and avoid sanctions, maintaining reputation.

Frequently Asked Questions

What is KYB in the context of the banking industry?

KYB, or Know Your Business, refers to the processes banks use, to verify the identity, legitimacy, and operational history of business entities before establishing a banking relationship.

How does The KYB product streamline the verification process for banks?

The KYB offers an integrated solution that automates the verification process, utilizing advanced technologies to quickly and accurately assess business entities, reducing manual efforts and ensuring a seamless onboarding experience for business clients.

How does KYB differ from KYC in banking?

While KYC focuses on individual customers, KYB emphasizes understanding and verifying business entities, their ownership structures, and their financial activities.

What information do banks typically require for KYB verification?

Banks typically require business registration documents, articles of incorporation, details of business owners and major stakeholders and financial statements etc.

What sets The KYB product apart from other KYB solutions in the banking sector?

The KYB stands out by offering 100% authentic real-time data from official sources across 250+ countries, covering data for over 300 million companies, making us a top-tier KYB solution provider.

Ensure regulatory excellence with The KYB

Get in touch & start exploring The KYB today.