Know Your Business (KYB) processes are crucial for lending firms, particularly in a heavily regulated market like the UK. Ensuring that businesses seeking loans are legitimate and financially sound is not only a regulatory requirement but also a fundamental step … Read More
Author Archives: Natalie Davies
6 ways to continuously improve your KYB compliance processes
Maintaining a comprehensive Know Your Business (KYB) process is essential to ensuring ongoing compliance and mitigating any undue risk associated with financial crime, such as money laundering and terrorist financing from impacting your legal firm. Being proactive in your firm’s … Read More
How to mitigate KYB risks in your legal firm: practical strategies for compliance teams
In today’s legal landscape, compliance with Know Your Business (KYB) regulations is not just a statutory requirement but a strategic imperative. KYB measures are crucial in ensuring that legal firms engage only with legitimate entities, thus preventing fraud, money laundering, … Read More
How to streamline KYB onboarding and ongoing risk assessment in lending firms
In the highly regulated UK lending market, effective Know Your Business (KYB) procedures are crucial for mitigating risk and ensuring compliance. However, lending firms often face significant challenges in KYB onboarding, which can complicate and delay the loan approval process. … Read More
How KYB compliance can give your firm a competitive edge
To some, Know Your Business (or KYB) compliance is viewed as a burden, a regulatory necessity, and a box to tick. However, when approached in the right way, KYB compliance can be transformed from a perceived obstacle into a powerful … Read More
7 ways to streamline KYB compliance processes for legal firms
KYB compliance is a critical task for every law firm, but it can often be a cumbersome and time-consuming process, especially for your fee earners carrying out checks manually on top of an already substantial workload. Manual KYB checks are … Read More
Tackling the most common KYB challenges in legal firms
KYB (Know Your Business) is an important process as part of wider AML procedures in legal firms that involves verifying the identity and background of their corporate clients, suppliers, and partners. In order to comply with Anti-Money Laundering requirements, law … Read More
The ROI of compliance: How KYB can be a competitive advantage for payments firms
Payments firms, including payment processors, gateways, and e-wallet providers, need to ensure that the businesses they serve are legitimate to prevent fraud, money laundering, and other illegal activities. Know Your Business (KYB) compliance refers to the process of verifying the … Read More
7 key benefits of automating your KYB process
For every regulated firm, ensuring a robust KYB process is essential for compliance and risk management, and it is a cornerstone of success. When onboarding new clients or businesses, it is crucial for firms to accurately vet and verify the … Read More
4 common KYB challenges in payments and how to solve them
In recent years, the payments services landscape has evolved significantly. And yet, with a changing landscape, comes changing levels of risk. In 2019/20, almost a third of suspicious activity reports relating to suspected criminal funds came from the electronic payment … Read More