Know Your Business
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 business customers and clients before conducting business. But doing it properly requires a great deal of due diligence and can be resource-intensive without help.
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. Veratad’s identity verification solution provides a flexible way for you to verify your customers and get KYB compliant.
What is Know Your Business (KYB)?
KYB regulations are not much different than the Know Your Customer (KYC), but the language of the regulations and associated processes are centered on business clients.
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.
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.
Level Up Your KYB Compliance
There are thousands of fake companies that want to defraud your business. Customer identification procedures are the backbone of an effective KYB policy.
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.
Identity verification with Veratad reliably identifies users and is an effective tool in preventing money laundering, terrorist financing and corruption. The end result is cost-effective, dependable KYB compliance that protects your business from fraud and regulatory exposure.