Know Your Business (KYB) compliance refers to the process of verifying the legitimacy and identity of businesses seeking to establish relationships with regulated firms. A typical KYB process usually includes thorough business verification, which entails confirming the legal status and … Read More
Author Archives: Natalie Davies
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
How to conduct thorough KYB checks without compromising customer experience
At a time when fraud and financial crime are at record highs, safeguarding financial institutions against bad actors is paramount. In the UK, where regulatory scrutiny is strict, compliance teams play a pivotal role in upholding their firm’s defences against … Read More
What are the main types of financial crime?
Financial crime is constantly evolving, presenting new and increasingly complex challenges for compliance and counter-fraud professionals. In order to navigate these challenges, it is important to understand the various types of financial crime, the risks they pose and strategies to … Read More
7 essential elements of KYB checks
Know Your Business (KYB) checks are a cornerstone of AML compliance for regulated firms in the UK. Compliance with KYB requirements is not only a regulatory obligation, but also a fundamental step in maintaining trust and confidence in the financial … Read More
Navigating sanctions and SRA advice: a guide for law firms
This article will provide a detailed overview of the SRA’s stance on complying with sanctions, sharing guidance on adhering to regulatory requirements, and helpful information about how to conduct client identification and screening. … Read More
What is fraud prevention and why is it important?
In today’s fast-paced and interconnected financial landscape, the risk of fraud looms large over businesses, threatening their integrity, financial stability, and reputation. For compliance professionals in regulated firms across the UK, the battle against fraud is an ongoing challenge that … Read More
Understanding the vital role of AML training in regulated firms
Anti-money laundering (AML) measures are crucial in combatting illicit financial activities and protecting the integrity of financial systems. In the UK, where regulatory scrutiny is high, AML training plays an important role in firms, ensuring that employees are equipped with … Read More
Bridging the gap: How UK firms are addressing financial inclusion
At its core, financial inclusion refers to the access and availability of financial products and services to all individuals and businesses, regardless of their socio-economic status, background, or geographic locations. Whether accessing banking, savings, credit, insurance or payment methods; financial … Read More