Identifying true business owners is critical for AML compliance. Discover six key red flags that signal hidden UBOs, exposing tactics like complex structures or false reporting used to mask illicit activities. … Read More
KYB
Ultimate Beneficial Owners, ultimate consequences: 5 headline fines for non-compliance
Failing to identify Ultimate Beneficial Owners can be costly. Discover five real-world cases showcasing fines, reputational damage, and financial risks. … Read More
Complex corporate structures and why they cause challenges
Unravel the complexities of Ultimate Beneficial Owners (UBOs) with our infographic, exploring challenges in identifying true ownership amid layered structures, jurisdictional gaps, and hidden risks like PEPs or sanctions. … Read More
5 manual KYB processes that shouldn’t exist in 2024
Regulated businesses need to transition away from manual Know Your Business (KYB) processes, which are inefficient, error-prone, and risky in today’s tech-driven world. As regulations grow more complex and the need to manage risks increases, manual tasks such as document collection, beneficial owner verification, sanctions screening, risk assessment, and ongoing monitoring are becoming outdated. … Read More
How to proactively manage risk in investment firms with automated KYB
Investment management firms face significant AML compliance challenges due to diverse products, complex client profiles, and varying regulations across jurisdictions. Automated Know Your Business (KYB) solutions streamline risk management by generating accurate onboarding risk scores, creating tailored risk profiles, and providing real-time alerts for proactive monitoring. … Read More
Shifting the perspective: Transforming KYB into a business enabler
Discover how to transform KYB from a compliance headache into a powerful business enabler with our comprehensive guide. … Read More
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
Should you build or buy a KYB compliance solution?
Firms face a crucial decision when it comes to KYB compliance: build an in-house system or purchase a third-party solution. While building offers customisation and control, most firms opt to buy automated solutions for faster implementation, cost-efficiency, and scalability to meet evolving regulatory demands. … Read More
Making better, faster KYB compliance decisions in the legal sector
UK legal firms must ensure robust KYB compliance to meet regulatory requirements, prevent financial crime, and protect their reputation. By adopting advanced technology, a risk-based approach, continuous monitoring, and investing in staff training, firms can streamline KYB processes, enhance collaboration, and improve compliance outcomes. … 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