Data quality during client onboarding can make or break an institution’s defences against financial crime. Inadequate data coverage – such as outdated or incomplete client information – can not only lead to regulatory breaches but also expose firms to significant financial crime risks, undermining both compliance efforts and reputation. … Read More
Data
Achieving data accuracy for KYB in the payments industry
Ensuring data accuracy in Know Your Business (KYB) processes is crucial for compliance in the payments sector, though challenges like data fragmentation and manual processes complicate verification. Automated KYB tools address these challenges by aggregating data from multiple sources, offering real-time updates, and standardising information for accurate, efficient onboarding. … Read More
Overcoming global data challenges in KYB
Financial Institutions’ Know Your Business (KYB) data requirements are stringent but necessary in the context of our multi-trillion dollar global financial crime problem. This data help institutions understand their clients’ motives, allowing them to rule out, within a reasonable margin of error (risk tolerance), the likelihood that a corporation is being used for illicit activities. … Read More
Overcoming the challenges of fragmented KYB
Fragmented KYB can hinder onboarding and AML compliance by creating data silos, increasing operational complexity, and limiting visibility. A unified KYB solution simplifies the process by integrating with existing systems, offering real-time verification, and providing a streamlined, cohesive approach to compliance and risk management. … Read More