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
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.
26 September, 2023
With technological advancements, scammers are also becoming smarter in bypassing verification solutions and wreaking havoc on businesses. The Cyber Security Breaches Survey conducted in the winter of 2022/23 shows that 11% of total businesses have fallen victim to cybercrime in the last 10 months, including 26% of medium-sized companies and 37% of large enterprises. The increasing frequency of cyberattacks stresses the need for robust KYB verification solutions to boost security.
Know Your Business (KYB) is validating the legitimacy of any business your firm works with. This can be any stakeholder company you have a relationship with, from vendors to clients to consultants.
Performing a comprehensive KYB Process, business owners can be sure of two things:
A robust KYB process involves the following steps:
Step 1: Verify the business’s identity
Step 2: Identify and validate the company’s Ultimate Beneficial Owners (UBOs)
Step 3: Understand the purpose and nature of client relationships to establish a risk profile
Step 4: Maintain updated customer data and perform ongoing monitoring
KYB verification is legally binding for all financial firms. The Customer Due Diligence (CDD) Rule mandates the following businesses to comply with KYB regulations:
Similarly, the EU’s 5th Anti-Money Laundering (AML) Directive requires the following to maintain KYB compliance:
It is worth noting that although it is not legally binding, businesses operating in unregulated sectors also perform KYB verification for security purposes.
Firms must deploy a robust security solution to meet the challenges of KYB compliance without impacting customer experience.
Here is how automated KYB verification checks are worth investing in:
KYB regulatory obligations mandate firms to assess the risk level of the company they will do business with. It’s mandatory to verify the business and its UBOs and ensure that the company or the individuals are not on any global sanctions lists or watchlists.
To fulfil the regulatory requirements, businesses must implement an effective AML strategy encompassing the following processes:
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