New AML Screening Feature in The KYB Streamlines Corporate Compliance

27 April, 2024

2 minutes read
New AML Screening Feature in The KYB Streamlines Corporate Compliance

London, England – April 2024 – The KYB unveils a new integration of an advanced Anti-Money Laundering (AML) screening feature into its existing suite of business verification tools. This latest addition overhauls how businesses navigate compliance requirements, saving time and costs from traditional corporate compliance. 

According to statistics from the United Nations Office on Drugs and Crime (UNODC), 2% to 5% of global GDP is subject to money laundering annually. Given this concerning reality, it has become imperative for businesses to adopt robust AML measures to safeguard against financial crimes. Adopting AML measures is imperative during business verification. 

Our newly integrated AML screening feature offers a seamless solution for businesses, eliminating the hassle of navigating multiple sources to ensure compliance. Now, within the same platform used for business information, users can effortlessly conduct thorough AML screenings, mitigating the risks associated with money laundering activities.

Key benefits of our AML screening feature include:

  • Enhanced efficacy: By AML screening plug-in, businesses can significantly reduce the time required for compliance checks by enabling AML checks at the faster onboarding of clients and partners.
  • Streamlines business onboardings: Consolidating business verification and AML screening on the same platform simplifies compliance procedures, reducing the need for manual efforts and eliminating the inconvenience of navigating multiple sources.
  • Cost savings: Consolidating verification and AML screening functionalities not only saves time but also reduces operational costs associated with manual compliance efforts and potential regulatory fines.

The KYB remains committed to empowering businesses with modern solutions to navigate compliance challenges effectively. By integrating our AML screening feature, we continue to uphold our mission of presenting innovative tools that deliver operational efficiency and ensure regulatory compliance.

About The KYB:

Founded in 2022, the firm has been recognized for being the largest real-time corporate data source for verifying businesses across 250+ countries and states. The KYB can be integrated via a data-as-a-service model or a platform with a complete suite of solutions such as case management, ultimate beneficial owners (UBOs) identification, AML for business, adverse media screening, AML screening of shareholders/UBOs, etc.

For further information, please contact:

Ilma Faljic

Marketing Executive | The KYB

[email protected]

+387 62 709 851

The KYB Appoints Mark Bain as the New Chief Executive Officer

22 February, 2024

2 minutes read
The KYB Appoints Mark Bain as the New Chief Executive Officer

London, England– January 30, 2024 – The KYB, a leading data source for verifying companies, has announced Mark Bain as its Chief Executive Officer the preceding week. The KYB plays a crucial role in furnishing global organizations with extensive and accurate business information, helping them mitigate counterparty risks and foster reliable corporate relationships.

Ilma Faljic, the Marketing Executive of The KYB, extends her best wishes to Mark Bain for his leadership role, highlighting his extensive experience in business intelligence, particularly in facilitating financial institutions with Know Your Business (KYB) compliance assurance. 

She further remarks, “Benefiting from Mark’s vast experience in offering strategic solutions to businesses, particularly in the effective management of counterparty risks through precise business intelligence derived from primary sources, The KYB is poised to advance its vision of becoming a trusted business verification data source. With ambitious goals for the future, the appointment of our new CEO signifies a substantial leap towards realizing these aspirations”. 

Mark Bain, being an industry evangelist, brings a wealth of experience in achieving cross-border compliance for companies of all sizes. With a mission to take The KYB to new heights, he envisions establishing The KYB as a global data source for accurate corporate data sourced directly from official registries.

“KYB is vital for integrity, compliance, and risk management,” said Mark Bain, the man in the spotlight. “Leading The KYB, I’m excited to spearhead technology enhancements, navigate data landscapes, automate verifications, and boost our clients’ efficiency in using primary sourced data.”

About The KYB:

Founded in 2022, the firm has been recognized for being the largest real-time corporate data source for verifying businesses across 250+ countries and states. The KYB can be integrated via a data-as-a-service model or a platform with a complete suite of solutions such as case management, ultimate beneficial owners (UBOs) identification, AML for business, adverse media screening, AML screening of shareholders/UBOs, etc.

For further information, please contact:

Ilma Faljic
Marketing Executive | The KYB
[email protected]
+387 62 709 851

The KYB Expands its Reach to 250+ Countries – Offering B2B Verification Globally

26 December, 2023

3 minutes read
The KYB Expands its Reach to 250+ Countries – Offering B2B Verification Globally

London, England – December 01, 2023 – The KYB, a Know Your Business compliance solution provider, is announcing a vital update to stakeholders and journalists. The company has successfully expanded its operations across 250+ countries in response to rapidly growing customer demand globally and empowering international businesses, forming secure and trusted B2B partnerships.

According to the United Nations, every year, 5% of the world’s GDP, or $800 billion, is laundered, damaging the financial sector, tax collection and promoting corruption. It makes it difficult for legitimate businesses to compete in the market, harming the country’s economic growth. Today, governments worldwide are imposing strict regulations on KYB verification to ensure the on-spot detection of shell companies, enabling businesses to validate and deter illegitimate alliances.

Using different security measures, the KYB helps global businesses verify their clients’ verisimilitude. It utilises the registry screening method to scan the entity from over 250+ government databases, making it easy to spot high-risk clients. From the KYC to fetching the ultimate beneficial owners of the business, The KYB supports all significant corporate verification checks, fostering trusted and secure partnerships.

“For a business, partnering with an illegitimate shell or money launderer company can cause a significant financial loss, reputational damage, and legal consequences. Looking at the gap in the industry, we introduced The KYB, a dedicated platform for corporate verification aimed at building trust among businesses and eradicating fraud from the industry,” said Ilma Faljic, Marketing Executive at The KYB.

Key features of The KYB platform:

  • Business Information Collection
  • Business Verification
  • Risk Assessment
  • UBO Identification
  • Perpetual KYB
  • Centralised Report

 

The business can simply enter the client’s details to perform a complete KYB authentication, backed by 250+ government registries for a secure and trusted screening process. To ensure every result is accurate to the highest level, The KYB incorporate MLROs to cross-check the data and make the process hassle-free.

About The KYB

The KYB is dedicated to providing business verification services, helping FI and other businesses eliminate fraud risks, enable secure transactions, and fortify trust in the digital landscape.  It sets itself apart with AI-driven precision, offering real-time AML screening,  business verification, and fraud prevention for unrivalled business compliance. Headquartered in Sussex, England, The KYB ensures that no fraudster can access the business’s data and services and onboard customers safely and quickly whilst allowing businesses to comply with know-your-business regulations.

For further information, please contact:

Ilma Faljic
Marketing Executive | The KYB
[email protected]
+387 62 709 851

The KYB Introduces Enhanced Fraud Prevention Solution to Help Businesses Combat Shell Company Partnerships

30 November, 2023

3 minutes read
The KYB Introduces Enhanced Fraud Prevention Solution to Help Businesses Combat Shell Company Partnerships

London, England – November 30, 2023 – The KYB, one of the fastest-growing B2B due diligence solution providers, unveils a new and improved fraud prevention solution. The all-new technology uses strategies to detect fraudulent entities through a dedicated set of activities and prevent these actions from causing financial and data loss to the customer and institution.

According to the Insurance Information Institute, at least 422 million people were affected by online scammers in 2022 – either executed by fraud rings or by individual scammers. The most common scams were opening new bank accounts with stolen IDs, e-commerce deceptions, identity theft, transaction scams, and booking economy sites. Additionally, with the evolving generative AI, fraudsters are becoming more refined. The KYB’s advanced fraud analytics tackle this issue with a new approach through up-to-date data sources and proprietary monitoring algorithms to deter fraudulent actions backed by MLROs to ensure every decision is accurate to the highest level.

“Millions of scammers yearly steal billions of data and money. Considering the statistics, we’ve developed our most potent fraud prevention platform, capable of deterring fraudsters and shell companies with the highest possible accuracy,” said Ilma Faljic, Marketing Executive at The KYB.

The platforms work based on connections. It looks at billions of data ends across government databases based on behavioural similarities and other indicators. Using advanced strategical measures with a layer of government-provided databases, the platform grouped past performances into clusters and determined the potential fraud risk of each entity.

Key Features of The KYB Fraud Prevention:

  • UBO Identification to analyse the information regarding the company’s stakeholders and their ultimate ownerships.
  • Conducts comprehensive screenings of businesses and their owners against AML lists, sanction lists, PEP lists, adverse media, and more, ensuring regulatory compliance.
  • Official registry scanning of the entity from government-backed databases.
  • MLROs led due diligence to ensure every platform decision is accurate and to prevent false positive results.

About The KYB

The KYB is dedicated to providing business verification services, helping FI and other businesses eliminate fraud risks, enable secure transactions, and fortify trust in the digital landscape.  It sets itself apart with AI-driven precision, offering real-time AML screening,  business verification, and fraud prevention for unrivaled business compliance. Headquartered in Sussex, England, The KYB ensures that no fraudster can access the business’s data and services and onboard customers safely and quickly whilst allowing businesses to comply with know-your-business regulations.

For further information, please contact:

Ilma Faljic
Marketing Executive | The KYB
[email protected]
+387 62 709 851

The KYB Successfully Attains CCPA Certification | Representing Exemplary Data Privacy Protocols

27 October, 2023

2 minutes read
The KYB Successfully Attains CCPA Certification | Representing Exemplary Data Privacy Protocols

London, England – October 18, 2023 – The KYB, a revolutionary business verification service providing all kinds of KYB/AML and risk assessment solutions, has attained the CCPA licence. This certification validates the company’s dedication to securing user privacy and data security whilst offering businesses a trusted KYB service. 

The CCPA license is considered the most comprehensive data regulation policy standard in the West and globally. It’s published and regulated by the Californian government and recognised worldwide. The certificate constrains how a business regulates its user data. It was intended first for Californian users, however, now CCPA has become a global data and privacy law certificate. 

By achieving the CCPA certification, The KYB affirms that its policies, operations and technical system comply with CCPA standards. It also assures the businesses that The KYB takes user data privacy as its top priority and has implemented robust protocols to ensure it. 

“The clients’ data is of utmost importance, and we take all the necessary actions and protocols to safeguard it. Attaining the CCPA licence validates our commitment and robust security measures against data privacy, and we will continue to prioritise it as we grow,” said Ilma Faljic, Marketing Executive at The KYB.

As the KYB and AML field is associated with data collection and processing, it’s necessary for service providers to comply with global regulations. The KYB’s recent achievement makes the company an authenticated and trustworthy know your business service provider. 

Following the users’ data security certification, the company previously achieved a GDPR license as well, accelerating the business’s trust with robust protection measures, ultimately helping enterprises eliminate identity fraud and comply with global regulatory requirements. 

About The KYB

The KYB is dedicated to providing business verification services to eliminate fraud risks, enable secure transactions, and fortify trust in the digital landscape.  It sets itself apart with AI-driven precision, offering real-time AML and KYB screening and ID monitoring for unrivalled business compliance. Headquartered in London, England, The KYB team synergises human and artificial intelligence to onboard customers safely and quickly whilst complying with Know Your Business regulations. 

For further information, please contact:

Ilma Faljic
Marketing Executive | The KYB
[email protected]
+387 62 709 851

The KYB | Building Trust Among Businesses Through KYB Verification

24 October, 2023

3 minutes read
The KYB | Building Trust Among Businesses Through KYB Verification

Initially Published on Press Connect

London, England – Oct 12, 2023 – The KYB is unveiling a revolutionising Know Your Business (KYB) solution that verifies organisations with real-time access to primary source data in 230+ countries, enabling businesses to comply with global compliance regulations and eradicate fraud. Customers will benefit from a one-stop solution, seamlessly adapting, arranging and scaling all the IDV needs that SMEs require through a single provider.

The KYB provides organisations with deeper identity verification insights and better transparency for their clients. Using the Ultimate Beneficial Ownership (UBO), businesses can extract all the stakeholding information regarding their clients to strengthen due diligence measures.

The company also provides a Risk Assessment solution that scans the corporate entity from 250+ authentic data sources in real-time from various registries, including PEPs, sanctions and media verification. It aims to foster a safe operating environment for businesses. 

Businesses can get a holistic view of the client insights with a centralised report that includes registration details, UBOs, tax filing history and SAR report for efficient access and management of entity information. The clients can download the report in PDF and JSON format depending on the ease of their use. 

The KYB’s business verification solution offers the following key features:

  • Global support in over 250+ countries
  • Registries powered by government and authentic public databases
  • Real-time data updates
  • Enhance KYB on demand using highly trained MLROs
  • Alerts and for any changes or updates for the monitoring business 
  • Time and cost-efficient solution

 

“We understand the challenges that businesses across various industries face in today’s stringent regulatory environment. With our innovative solution, we’re thrilled to deliver a solution that simplifies the KYB compliance process while providing optimum user experience,” said Ilma Faljic, Marketing Executive at The KYB.

The company’s Perpetual KYB allows businesses to monitor their alliances against official AML lists and data sources for risk management purposes. It is assisted by highly trained MLROs who review each AML report to ensure compliance standards are met and alert the businesses whenever money laundering is suspected.

About The KYB

The KYB is dedicated to provide business verification services to eliminate fraud risks, enable secure transactions and fortify trust in the digital landscape.  It sets itself apart with AI-driven precision, offering real-time AML/KYB screening and ID monitoring for unrivalled business compliance. Headquartered in Sussex, England, The KYB team synergizes human and artificial intelligence to onboard customers safely and quickly while complying with know your business regulations. 

For further information, please contact:

Ilma Faljic
Marketing Executive | The KYB
[email protected]
+387 62 709 851

More Press Releases