Know Your Business Compliance Solutions
Comply with strict KYB regulations while preventing money laundering and removing onboarding friction.
Know Your Business. Know Your Risk
Know Your Business (KYB) laws and regulations require financial institutions to verify customers and clients before conducting business.
Financial service and technology providers need a cost-effective way to comply with KYB laws and protect themselves and customers from money laundering, fraud and more.
But doing it properly requires a great deal of due diligence and can be resource-intensive without help.
Veratad’s identity verification solution provides a flexible way for you to verify your customers and get KYB compliant.
What is KYB & Why It’s Crucial For Your Business?
What Is KYB?
KYB regulations are not much different than the Know Your Customer (KYC) regulations, but the language of the regulations and associated processes are centered on business clients.
Definition and Purpose of KYB
KYB is a measure of Anti-Money Laundering compliance that stipulates that financial institutions need to verify the identity of any business they choose to do business with. This measure is designed to prevent fraudulent or criminal organizations from getting access to funds.
Making sure your financial institution has a KYB compliant verification system in place is more than just seeking compliance. It’s doing good business.
Benefits of Implementing KYB
All businesses should have KYB compliant solutions in place to make sure that they aren’t engaging with fraudulent or criminal organizations. Protect your customers and company and prevent money from ending up in the wrong hands.
With Veratad, you can get KYB compliant, along with many other compliance standards, all in one API.
Robust KYB Policies
There are thousands of fake companies that want to defraud your business. Customer identification procedures are the backbone of an effective KYB policy.
Strengthening Your Business Defense
Veratad strengthens your KYB enforcement by verifying registration credentials, location, and UBOs (ultimate beneficial owners).
We then screen against reputable blacklists and grey lists, including OFAC, sanctions, Politically Exposed Person datasets, and more.
Level Up Your KYB Compliance
Anti-money laundering procedures are designed to stop criminals from disguising money gained through illegal means as legitimate income. There are a number of laws, regulations and procedures classified under AML. Those laws and regulations require financial institutions to do their part to verify their customers’ identities and report any suspicious activity.
Start Verifying
Your Customers
Request your personalized demo today!
