How to conduct effective due diligence for business customers

Learn how Know Your Customer (KYC) onboarding workflows have evolved to address Know Your Business (KYB) requirements

KYB is a process of conducting due diligence that helps banks and financial institutions verify a business and identify the ownership structure of a company/ultimate beneficiary of a transaction.  Like KYC, KYB is important for an organization to fulfill their AML responsibilities.
Traditionally, the onboarding of business entities and merchants is conducted through manual checks. The process needs to confirm that the merchant account belongs to the claimant and can be reasonably expected not to be used for fraud, money laundering or financing terrorist activities. These manual processes are tedious and time-consuming.

Learn how:

  • The automation of the KYB process helps organizations reduce manual costs and save time
  • Artificial intelligence can help financial institutions mitigate the risk of AML non-compliance
  • New solutions can verify the authenticity of business entities in real-time
  • Multiple, complex layers of business ownership structure is unravelled
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KYC for Businesses
Report

KYB is a process of conducting due diligence that helps banks and financial institutions verify a business and identify the ownership structure of a company/ultimate beneficiary of a transaction.  Like KYC, KYB is important for an organization to fulfill their AML responsibilities.
Traditionally, the onboarding of business entities and merchants is conducted through manual checks. The process needs to confirm that the merchant account belongs to the claimant and can be reasonably expected not to be used for fraud, money laundering or financing terrorist activities. These manual processes are tedious and time-consuming.

Learn how:

  • The automation of the KYB process helps organizations reduce manual costs and save time
  • Artificial intelligence can help financial institutions mitigate the risk of AML non-compliance
  • New solutions can verify the authenticity of business entities in real-time
  • Multiple, complex layers of business ownership structure is unravelled

As new threats continue to emerge, the frequency and scope of new regulation will only increase.

John Smith