know your business kyb
If your company provides financial services to businesses, you’ll need to optimize your KYB (Know Your Business) processes to efficiently onboard new customers, without exposing your business to fraudulent actors and their illicit activities.
When reviewing a KYB solution your wish list should include the following capabilities:
- Business Verification: proves whether the business is properly defined
- Business Risk: assesses the risk of the business you are dealing with
- Business Compliance: matches against regulatory sanctions lists provided by different regulatory entities
- Beneficial Owners Identification: helps you understand who the actual individuals behind the business are
- Business Continuous Monitoring: businesses are continuously evolving and you need to make sure you’re always monitoring them
However, the KYB processes and checks defined above can take hours to days without a platform with the proper automation capabilities.
You will learn about:
- What is Know Your Business (KYB) and who should perform it?
- What does a KYB process normally consist of?
- The regulations behind Ultimate Beneficial Ownership (UBOs)
- How to accomplish KYB with Acuant Compliance