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
Author Archives: Natalie Davies
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
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