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
API Integration
We are excited to empower developers with all the information needed to utilize the full potential of our API. This comprehensive documentation serves as a guide to seamlessly integrate our API into applications, unlocking a world of possibilities.
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.
16 October, 2023
Privacy laws in the United States are continuously developing, especially for Californians. Some aspects of the regulations governing collecting personal data from California residents are more stringent than the European General Data Protection Regulation (GDPR).
To effectively comply with the privacy safeguards offered by the California Consumer Privacy Act (CCPA), companies within and outside the United States need to understand its requirements comprehensively. The CCPA is one of the pioneering pieces of legislation addressing the country’s digital consumer data privacy rights.
The CCPA law took effect on January 1, 2020, to safeguard the data privacy rights of individuals residing in California. Companies must provide consumers additional data collection, storage, and utilization information. The primary goal is to improve transparency and grant customers authority over their confidential data. Thus, citizens can check whether their data is sold or shared with any third party. The CCPA also gives customers the right to opt out of disliked practices.
The California Consumer Privacy Act includes corporations, defined as ‘for-profit legal entities’ that collect and sell customers’ confidential data.
The CCPA regulations apply to businesses that meet any of the below-mentioned criteria:
Moreover, California legislators have incorporated clauses to exempt companies already subject to federal data protection laws. The exempted entities are:
The CCPA imposes specific requirements on firms regarding clients’ privacy rights related to their confidential information.
Here are the fundamental CCPA compliance requirements:
Suggested Read: A Comprehensive Guide to UK AML and KYB Regulations and Complexities
Civil penalties for not abiding by CCPA law start from $2,500 for every unintentional violation. When non-compliance is determined as intentional, the fines can increase to $7,500 for each breach. Moreover, companies have a specific timeframe to respond to the violations. As per the California Consumer Privacy Act, if a business rectifies non-compliance within a month of getting notice of the breach, it gets a warning. However, if firms do not resolve the issue within a month, they become subject to heavy financial penalties.
Suggested Read: H1’23 Recap: Know Your Business and Anti-Money Laundering Fines Worldwide
Below are several suggestions and steps to help you fulfill the requirements of the California Consumer Privacy Act:
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