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
KYB
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
How to conduct thorough KYB checks without compromising customer experience
In the UK, where regulations are especially stringent, compliance teams are central to these efforts. KYB checks are crucial in verifying the legitimacy of business clients and identifying potential risks. However, while these checks are essential for regulatory compliance, they can also impact customer experience when overly lengthy or complex. … Read More
Maximising efficiency: The KYB process explained
Automating the KYB process offers a transformative solution for organisations looking to streamline operations and enhance their due diligence efforts. By embracing automation, businesses can not only save time and reduce human error but also scale their operations effectively while maintaining the quality of their compliance efforts. … Read More
7 essential elements of KYB checks
KYB checks are essential for AML compliance within regulated firms in the UK, serving as a cornerstone for maintaining trust in the financial services industry. These checks involve verifying the identity and legitimacy of business entities before entering into commercial relationships, which is crucial for mitigating risks associated with money laundering, terrorist financing, and other financial crimes. … Read More
8 barriers and benefits for proactive KYB and KYC
KYC (Know Your Customer) and KYB (Know Your Business) are not one-hit processes for simply onboarding your customers at the outset of your relationship. In this eBook, we look at barriers and benefits of a proactive approach to continuous KYC/KYB. … Read More
Infographic: Checking a company director
AML checks on company directors protect business integrity, prevent financial crimes, and ensure compliance, safeguarding reputation, stability, and stakeholder confidence. … Read More
How automated KYB checks can help mitigate risk in your business
Customers are not only individuals, but businesses too. Anti-money laundering regulations instruct organisations to monitor and protect against suspicious activity. The main focus of the checks undertaken is to establish the identity and ownership of the company being dealt with, … Read More
What information is needed for a KYB check?
In this article, we discuss the importance of KYB checks and take a look at the documents required for conducting a compliant check. … Read More