Know Your Business or ‘KYB’ is a process that ensures verification of corporate entities or businesses you are dealing with. This is as important as KYC compliance. Business verification includes verification of Ultimate Beneficial Owners (UBOs), third-party businesses, and other corporate entities. KYB deters the risks associated with fraudulent business entities. Not only this, as per regulatory requirements and regulations about UBOs verification, KYB has become more than necessary to build a clean customer base as well as business relationships.
It all adds up to
An efficient KYC solution is the need of every businesses sector. To comply with the changing KYC and AML requirements, organisations need a KYC solution that adequately follows all steps of KYC compliance. Shufti Pro is a one-stop solution for enterprises to cater to your KYC practices. We offer real-time KYC process services with the global support of 3000+ documents and 150+ languages. Incorporating data protection standards, Shufti Pro is secure and reliable for quick customer onboarding.
New technological developments continue to drive KYC solutions forward. From biometric data to AI, technology is offering better ways to identify customers, run due diligence checks and perform ongoing monitoring.
The combination of mobile data with traditional data sources can take KYC to the next level, adding an extra layer of authentication to help deliver a convenient, immediate and effortless customer experience, along with the necessary compliance and fraud mitigation measures.
Connecting with real customers and foiling fraudsters in the mobile world is a challenge. While you have an array of verification methods and data available to you, accessing mobile data and leveraging it to ensure that specific criteria are met by legitimate customers adds an extra layer of protection. Simply put, it’s another tool to help reduce fraud risk, improve KYC standards, and just as important, secure an effortless experience for your mobile-minded customers.