The challenges of Know Your Business (KYB) processes for lending firms in the UK can be complex, from common customer frustrations, such as extensive documentation and delays, to the manual burden on compliance teams. … Read More
Author Archives: Natalie Davies
6 ways to continuously improve your KYB compliance processes
Continuous improvement of KYB practices not only ensures adherence to evolving regulations but also empowers firms to stay ahead of emerging risks, ultimately fostering trust with clients and stakeholders. … Read More
How to mitigate KYB risks in your legal firm: practical strategies for compliance teams
Complying with Know Your Business (KYB) regulations for legal firms is both a statutory requirement and a strategic imperative to prevent fraud and money laundering. This includes a thorough understanding of KYB requirements, implementing robust customer due diligence processes, and establishing effective beneficial ownership identification. … Read More
How to streamline KYB onboarding and ongoing risk assessment in lending firms
In the UK lending market, effective Know Your Business (KYB) procedures are essential for mitigating risk and ensuring compliance, but many firms struggle with inefficient onboarding and ongoing monitoring processes. … Read More
How KYB compliance can give your firm a competitive edge
For legal firms, Know Your Business (KYB) compliance is often seen as a regulatory burden, yet it holds the potential to be a powerful enabler for growth and competitive advantage. With increasing regulatory scrutiny, a robust KYB framework not only safeguards reputations but also attracts discerning clients and opens doors to new markets requiring stringent compliance measures. … Read More
7 ways to streamline KYB compliance processes for legal firms
Ensuring compliance with KYB regulations is essential for every law firm, yet the process can often feel daunting, especially when fee earners are burdened with manual checks. Manual KYB processes are typically slow, error-prone, and prone to oversight, posing compliance risks due to the complexities of handling extensive client data. … Read More
Tackling the most common KYB challenges in legal firms
KYB is not without challenges. Legal firms often face complexities in identifying UBOs hidden within complex ownership structures, especially with multinational corporations. Client onboarding and managing high volumes of client information can be resource-intensive, and international clients add layers of complexity due to jurisdictional variances and data access issues. … Read More
The ROI of compliance: How KYB can be a competitive advantage for payments firms
Payment processing firms, including payment processors, gateways, and e-wallet providers, are under increasing pressure to validate the legitimacy of the businesses they serve. This imperative stems from the need to mitigate risks associated with fraud, money laundering, and other illegal activities. … Read More
7 key benefits of automating your KYB process
For regulated firms, a robust KYB process is not merely a compliance necessity; it is a cornerstone of effective risk management and overall business success. However, traditional KYB methods can often be laborious and time-consuming, hindering customer experiences and stunting growth. … Read More
4 common KYB challenges in payments and how to solve them
A critical element of an effective compliance strategy is the implementation of robust verification processes, such as Know Your Business (KYB) checks. These measures are vital for confirming the legitimacy and security of payments, ensuring that companies engage only with credible entities and that they remain within their risk appetite. … Read More