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
Complying with Anti-Money Laundering (AML) regulations is a challenging task. Your business must fulfill government-mandated guidelines by performing Know Your Business (KYB) checks. Furthermore, it is crucial to conduct sanctions screening to avoid doing business with suspected or known individuals involved in illicit practices, such as terrorism, human trafficking, and smuggling.
Sanctions screening in banking and other businesses involves checking whether an entity or individual appears on a sanctions or watchlist. Government and renowned global organizations compile such lists to identify entities or individuals subject to financial sanctions due to their actions or affiliations. Doing business with organizations or individuals on a sanctions list can cause heavy fines.
From the economic perspective, sanctions can be categorized into:
Below are the prominent governing and sanctioning bodies across the globe:
Financial firms must fulfill sanctions screening requirements to comply with KYC and AML regulations. Financial services organizations must have an AML sanctions screening program, which should include the following:
Efficient sanctions screening services must include the following elements:
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