Navigating The Complexity of Ownership From The Lens of Sanction By Extension
Tuesday, 30th April. 13:00 - 14:00 London Time (GMT+1)
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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
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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.
27 September, 2023
Every year, $800 billion to $2 trillion is laundered globally, and the US makes up 15-38% of the amount. This is alarming and urging businesses to implement AML compliance policies to prevent money laundering and other financial crimes.
Know Your Customer (KYC) and Know Your Business (KYB) are the two types of Anti-Money Laundering (AML) checks, essential to maintain the financial system’s integrity by mitigating the risk of fraud.
KYC is the process that financial firms and other businesses use to verify individuals who are their potential clients. This comprehensive verification process ensures that all the money in circulation is legitimate to avoid theft and other types of crimes.
KYC verification is crucial for companies and their customers. The primary goal of the online KYC procedure is to:
KYB is the process that firms such as banks and other financial institutions use to validate all relevant details collected from businesses to be onboarded as their customers. It is vital to prevent money laundering, terrorism financing, and other crimes, especially those involving transferring or hiding money illegally.
The main objectives of the KYB verification is to:
The main components of a typical KYC process include:
The main components of a typical business verification process are:
The regulatory obligations and implementation rules of the KYC and KYB can differ in many ways.
Maintaining KYC compliance is straightforward as the regulations are implemented longer and have evolved over the years. Standards are developed to define how the KYC process should be performed. For instance, companies in the EU are mandated to have a video recording of the procedure; more than static passport scanning is required. In Germany, KYC can only be conducted with video interview verification.
On the other hand, maintaining KYB compliance is challenging as the regulations are not as well-defined, and there are vast differences between the procedures to be followed by KYB providers. The development of a proper standard is still in process. There needs to be a proper order to do things or any given template that businesses could easily follow.
For KYB and KYC verification, regulators and compliance teams ensure that businesses follow the rules to combat financial crimes like money laundering. Regulators can check who is complying with regulations by performing inspections or audits, and businesses are responsible for having robust KYC and KYB solutions in place.
Verifying identities and checking ownership structures and official documents are time-consuming tasks for any business when done manually. This is why companies are deploying automated KYC and KYB solutions for faster and more efficient verification processes. The AI-powered verification solutions collect, analyze, and manage piles of data, reducing time, costs, and human error. As a result, this gives customers a positive experience and aids businesses in building a positive brand image in the competitive world market.
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