Know Your Business Solution designed for compliance teams

Banks, fintech companies, commodities brokers, mutual funds, securities dealers,  crypto marketplaces, gambling operators, auditors, tax advisors, asset managers, notaries, and other financial institutions use KYB checks to prevent financial crime and ensure compliance.

KYC is designed to verify individual clients, while KYB compliance focuses on verifying corporate clients or other companies that the business wants to engage with. However, KYB verification also includes verifying the individuals behind the business, such as ultimate beneficial owners (UBOs).

Verifying the business, identifying its UBOs, and continuously updating customer information or monitoring risks are the three main stages of KYB. However, other measures, including collecting company information and verifying it with government agencies, as well as screening related individuals against sanctions lists, are vital as well.

It allows you to create questions based on specific responses, which makes the data collection and verification process easier. For example, with the KYB questionnaire, you can:

• Organize it into sections, each focusing on different types of data.
• Title each section clearly to guide your client on the required information.
• Create and add custom questions tailored to your specific use case.

With iDenfy’s KYB software, you can flag or completely block a company’s application, which will automatically stop other automations or custom rules from running. This feature helps block companies from onboarding if they don’t meet your compliance requirements. You can set automations to trigger either once or continuously when new data is submitted.