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