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.
16 October, 2023
A crucial part of mitigating the risk of fraud and developing strong business relationships is to Know Your Customers (KYC), suppliers, and third parties. Gathering data about them is not only essential for Customer Due Diligence (CDD) and risk assessment but to implementing effective measures to adhere to regulations. Collecting information about clients, vendors, and third parties at the time of onboarding is not enough. This is because clients’ finances, locations, and relationships change over time, making them low or high-risk entities to work with. This is where ongoing monitoring came as a hope, keeping an eye on customers involved to check the risk level they may pose at any time during their relationship.
An ongoing monitoring process means continuously tracking the situations of your clients, suppliers, and third parties for any changes. Conducting ongoing monitoring using a private and public database helps in monitoring the profiles of customers interacting with your business and automates alerts for when any changes are detected. For instance, if you are working in a financial services firm and anyone files for bankruptcy or another shift in their financial situation, ongoing monitoring notifies you of the change. Ongoing monitoring involves accessing detailed and up-to-date information about the individuals interacting with your organization to help you update profiles and customize services accordingly.
Ongoing monitoring in AML involves checking the following:
Ongoing monitoring is crucial to know your customer process, a key component of Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) regulations. It helps organizations detect and authenticate their clients and monitor their activities continuously.
Conducting ongoing monitoring is crucial for firms to ensure AML and CFT compliance. One of the main reasons businesses perform ongoing compliance monitoring is to protect themselves from heavy non-compliance fines. Ongoing monitoring does not only help to abide by AML/CFT regulations but also mitigates the risk of money laundering and other financial crimes.
Ensuring the effectiveness of the ongoing monitoring process is essential for companies to identify and prevent financial fraud and to better adhere to AML and CTF regulations. Here is how an organization can ensure an efficient ongoing risk-monitoring process:
Use Advanced Technology: Businesses must consider using sophisticated technology to ensure the best quality for ongoing monitoring. This includes leveraging Artificial Intelligence (AI), Machine Learning (ML), and other technologies that can help firms identify any unusual activity more accurately and quickly.
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