The KYB

Entity verification and compliance are essential as businesses navigate complex regulatory landscapes, particularly in regions with limited business ownership data transparency. Join us on October 11th at 8:00 AM GMT for an in-depth panel discussion with compliance experts Andrew Thomas Bosz and Daisy Namayi Kariu with The KYB's CEO Mark Bain as the host. Our panel will cover critical topics, including: - Mitigating risks tied to sanctioned entities in opaque jurisdictions - Incorporating continuous Customer Due Diligence (CDD) and KYB processes for ongoing monitoring - Implementing cybersecurity strategies to protect KYB data from breaches or misuse Don't miss this opportunity to gain valuable insights into enhanced due diligence and regulatory compliance. #KYB #Compliance #CDD #Webinar #TheKYB

And… its on. The KYB is going to be there at the Singapore FinTech Festival from 6th to 8th November 2024. What’ll you get? Come around our booth and find out. It’ll be like no other; that we can promise. #KYB #FinTech #SFF #Event #TheKYB

The risks are real. Research from PwC shows that nearly half of companies have experienced fraud in the past two years. One reason is that many vendors don’t go far enough with their checks, leaving businesses exposed to unnecessary risks. KYB’s approach tackles this head-on by offering a more thorough verification process that helps protect businesses from fraud and ensures everyone’s playing by the rules. For industries like fintech and banking, where regulations are strict, KYB detailed checks are essential. It’s not just about confirming a business is real—it’s about making sure they’re fully compliant with legal standards. This thorough process adds an extra layer of protection, helping businesses avoid risks that can slip through the cracks with standard checks. However, shifting to KYB’s more in-depth verification system isn’t always easy. Some businesses are used to quicker, simpler checks, and making the switch could mean updating processes or investing in new tools. But the extra security KYB offers is becoming increasingly necessary in today’s complex regulatory landscape, and companies will need to consider it to stay safe. As fraud risks grow and regulations tighten, KYB’s thorough legal verification is set to become even more important. By offering a higher level of protection, KYB helps businesses avoid common pitfalls like fraud or data breaches caused by incomplete checks. It’s clear that KYB’s approach is leading the way in business security. Going forward, legal vendors that want to stay in the game need to step up and offer the same level of thoroughness that KYB provides. #KYB #Compliance #TheKYB

Need a business compliance hero? 🦸♂️ Meet 5 leaders who are redefining risk management and setting the standard for smart strategies in business compliance. From making their way out of complicated regulatory mazes like Indiana Jones dodging boulders, to tackling risk with the precision of James Bond on a mission—these 5 compliance leaders are the ones to watch; Maha Al-Saadi Peter Oakes Teresa Anaya Andrew Thomas Bosz Timothy Land #KYB #AML #Sanctions #Compliance #TheKYB

Say hello to 'The Business Feed' — your new insider pass to all things happening at The KYB! From game-changing webinars to the hottest trends and breaking news, we’ve got you covered. Tap in for fresh insights, expert tips, and everything you need in the business world. Ready to feed your success? Subscribe now! 💼✨ #KYB #Newsletter #Business #Feed #TheKYB

We're thrilled to announce our new partnership with Fimple, integrating our Know Your Business (KYB) platform with their core banking solution. This collaboration brings advanced business verification and risk assessment capabilities to financial institutions, offering a seamless, data-driven onboarding experience. With access to data from over 250 countries and regions, this partnership enables efficient compliance and onboarding. #KYB #Compliance #Business #Fimple #TheKYB

Many companies begin their journey at these well-known locations, but effective corporate due diligence goes far beyond just knowing an address. Corporate due diligence might begin with registry checks, but it truly finds its edge through RegTech solutions. With RegTech solutions, businesses can make these checks faster and more thorough, helping them stay on top of legal requirements and make smarter decisions. Knowing where a company is registered is just the start—RegTech tools take the process further for a full picture of what lies beneath. Disclaimer: Data is from UK Companies House for 2017 #KYB #RegTech #UK #Analytics #TheKYB

Just like your regular drive-thru, we’ve launched The KYB’s ‘Pay As You Go Model’, delivering fast, convenient, and efficient KYB checks in under 2 minutes onboarding time! No more waiting around – simply swipe, pay, and you're on your way. Whether you're a small business or an established organization, our hassle-free KYB solution brings you compliance checks at lightning speed, so you can focus on what matters most: growing your business.  Swipe, pay, and drive forward today: https://lnkd.in/dApAseQa #KYB #BusinessVerification #PayAsYouGo #SwipePayGo #TheKYB

On September 4, Luxembourg's CSSF 19/732 amended circular to provide clarity on the identification and verification of ultimate beneficial ownership (UBO). CSSF 19/732 underscores the critical need to identify beneficial owners in trust structures. While a trust is a legal entity, it frequently holds assets on behalf of individuals or entities. A risk-based approach should be applied to UBO verification, allowing professionals to tailor their verification efforts based on the specific risks associated with each business relationship. Implementing a risk-based approach in conducting Know Your Business (KYB) checks is vital for: - Identifying potential risks, including fraud and money laundering - Ensuring compliance with regulatory requirements - Proactively preventing illicit activities - Understanding the true stakeholders involved Verification measures must establish a clear link between the provided information and the actual circumstances of the customer or UBO. While the verification of identity may differ for customers and UBOs, it is essential to rely on documents from credible sources, such as those issued by official authorities, even if they are presented by the customer. Professionals are obligated to take reasonable steps to ensure they know the UBO and comprehend the ownership structure of their clients. Each professional should determine the necessary extent of information based on the money laundering and terrorist financing risks associated with the business relationship, considering whether to utilize public records of UBOs or request further documentation from clients. Stay informed and uphold rigorous compliance standards with The KYB. #UBO #indirectownership #shareholder #TheKYB

UBOs (Ultimate Beneficial Ownership) are UFOs (Unidentified Flying Objects)? 👽 Criminals have long relied on complex corporate structures to disguise their true identities and obscure the origins or purposes of their funds. In recent years, efforts to combat money laundering have intensified, with stricter regulations like the 4MLD and MLR2017 aimed at enhancing financial transparency. Regulated firms are now required to conduct thorough checks when onboarding new customers to determine if they pose a compliance risk under anti-money laundering (AML) or anti-bribery and corruption (ABC) regulations. Failure to identify a company's UBO can lead to unintended breaches of these rules, resulting in hefty fines and significant reputational harm—making it an issue firms must stay on top of. This is where The KYB comes in, it helps you look where you need to, in order to identify the real UBOs. #UBO #Identification #KYB