Business verification during onboarding assesses a company’s background, owners, records and financial activities to identify risk. Regulated organizations, such as financial institutions and payment service providers, must verify companies during onboarding and meet Know Your Business (KYB) requirements to comply with Anti-Money Laundering (AML) and counter-terrorism financing regulations. Those KYB procedures often include identifying and performing Know Your Customer (KYC) checks on the ultimate beneficial owners (UBOs) of those companies. KYB Checks During Onboarding KYB checks during onboarding are essential in verifying business entities. The process includes a range of steps, which vary by geography and industry. Verify Business Documentation The first step is to gather relevant documentation to establish the legal existence of the business entity. That may include: Business registration number Legal name Address Operational status Key personnel Incorporation date Analyze the Business Profile The KYB process includes assessing the business’s activities, industry sector, products or services, partners, suppliers and customers. It also could involve gathering financial statements and business history. Perform a Risk Assessment A risk assessment determines if there is a threat associated with the business relationship. The assessment covers factors such as the business’s location, industry, customers and any instances of fraud or financial crimes. Organizations can then apply the appropriate level of onboarding due diligence. Determine Ownership and Control The KYB process identifies the people who own and control the business and their ownership percentage. Organizations obtain information about the company’s shareholders, directors and beneficial owners. That customer due diligence includes performing KYC checks on UBOs to verify their identities and screening the company and its owners against global watchlists and sanctions lists. Implement Enhanced Due Diligence Organizations can apply enhanced due diligence (EDD) measures when they encounter higher-risk businesses. That could involve gathering additional information or conducting more in-depth investigations into the business and its key stakeholders. Conduct Ongoing KYB Ongoing KYB checks are often necessary for regulatory compliance, risk mitigation and maintaining a trusted online environment. KYB in Europe In Europe, KYB requirements were established in the Fourth Anti-Money Laundering Directive (4AMLD). “Identifying the beneficial owner and taking reasonable measures to verify that person’s identity so that the obliged entity is satisfied that it knows who the beneficial owner is, including, as regards legal persons, trusts, companies, foundations and similar legal arrangements, taking reasonable measures to understand the ownership and control structure of the customer,” according to the directive. The 6AMLD then extended criminal liability to employees, officials of organizations and entities working on behalf of those organizations for showing negligence in enabling the flow of illicit funds. A UBO in the EU is defined as owning more than 25% of the corporate entity. The EU customer due diligence requirements are: Identify and verify customers on the basis of documents or data obtained from a reliable, independent source Identify and verify the beneficial owner Assess the purpose of the business relationship Conduct ongoing monitoring of the business relationship and transactions KYB in the U.S. In the U.S., the customer due diligence final rule governs financial institutions, securities brokers or dealers, mutual funds, futures commission merchants and commodities brokers. “Covered financial institutions must identify and verify the identity of the beneficial owners of all legal entity customers (other than those that are excluded) at the time a new account is opened (other than accounts that are exempted),” according to the rule. In 2024, the Corporate Transparency Act will require that corporations or limited liability companies operating in the U.S. report their UBO information to the Financial Crimes Enforcement Network. KYB Challenges Onboarding business customers can be a slow, manual, costly process that’s open to human error. It can take three to four months to onboard a corporate banking customer. UBO information can be difficult to find. Nominee shareholders can hide true ownership. Shell companies or trusts can obscure information with filings in different regions. On top of that, ownership percentages can get lost in complex paper trails or might not exist. Compliance professionals work through a range of reports and data sets from around the world. That data can be old, inaccurate or in different formats that are hard to reconcile. Each company structure is different and can change, making it difficult to collect and interpret data. A traditional, resource-intensive, manual approach can be challenging. But there are ways to automate many KYB processes and layer business and person verification in a single workflow when identifying UBOs. Fast, Efficient KYB An integrated identity platform can combine multiple verification capabilities and access data sources around the world to quickly onboard good business customers, manage fraud and maintain compliance. With the power of data-driven machine learning and artificial intelligence, onboarding workflows retrieve business data in real time, coordinate responses and flag cases for manual review. When the KYB process identifies UBOs, they can automatically waterfall into KYC identity verification or watchlist screening. An integrated approach to business customer onboarding can help organizations quickly adjust to regulatory changes and accelerate their go-to-market strategies. Business verification with automation helps simplify company onboarding and enhance due diligence to provide a fast, secure customer experience. Read the solution sheet Elevate Your Onboarding Game How to reduce business verification time from what could be a month down to a day with an integrated Know Your Business (KYB) and Know Your Customer (KYC) process. This post was originally published on July 11, 2017. It has been updated to reflect the latest industry developments and best practices. Business and Person Verification Form a Powerful Combination Business verification poses a complex challenge for organizations, particularly when they operate across borders and under multiple evolving regulations. In those circumstances, organizations often rely on multiple point solutions to meet Know Your Business (KYB) and Know Your Customer (KYC) requirements in different parts of the world. Companies juggle those point solutions to verify businesses and their ultimate beneficial owners. Then they often need different solutions for different countries. But it doesn’t have to be that complex. The Trulioo integrated identity platform provides layered business and person verification through a single, automated workflow to accelerate and simplify onboarding around the world. “With Trulioo, we can do both KYB and identity document-based KYC checks with one solution, turning a previously cumbersome onboarding process into one that is quick and easy,” said Philippe Panneton, Nuvei’s senior vice president, Global Risk & Underwriting. “This has enabled us to remain compliant across multiple continents and provide payments solutions that accelerate our customers’ businesses.” New Platform Capabilities to Expand and Automate Business and Person Verification Trulioo continues to improve its global identity platform to cement its position as a premier source for business and person verification workflows.The latest update bolsters Trulioo global leadership by expanding geographic coverage and localization for person verification and further automating business verification to reduce costly manual reviews. The latest platform updates include: Improvements in data source orchestration and Business Verification translation and transliteration for greater accuracy in 70-plus languages New global data sources and language translation capabilities for Person Match services More configuration options for Identity Document Verification types and selfie support as well as improvements to image capture for 30 languages and the ability for organizations to brand the experience “Trulioo is the global leader in uniting KYB and KYC in one integrated identity platform for organizations that need to operate across different countries and languages,” said Trulioo Chief Product Officer Michael Ramsbacker. “As evidenced by our latest features, we are dedicated to delivering the industry’s most complete verification workflows that are customized for a wide array of business needs to help companies navigate the complexities of today’s global digital economy.” One Global Identity Platform for KYC and KYB Person verification requires piecing together a complex puzzle of personally identifiable information, identity documents, biometrics and watchlists to confirm people are who they say they are. Business verification across geographies can be costly and time-consuming with manual reviews that can take weeks. The Trulioo comprehensive platform accelerates and simplifies the process with automated workflows that enhance the onboarding experience while still ensuring compliance. Organizations can optimize the cost of onboarding the right customers with less need for additional vendor integration and fewer manual reviews. An integrated approach to verifying businesses also enables access to additional data so organizations can create in-depth profiles and gain a holistic view of identity across the customer journey. Those data layers can improve risk evaluation and vetting to enhance fraud protection. A single, global, integrated platform can streamline individual and business verification, opening the door to global expansion. Get the solution sheet Elevate Your Onboarding Game: Unleash the Dual Power of Business and Person Verification Harness the power of a global identity platform to deliver a fast, compliant, automated user experience that optimizes onboarding. Expanded geographic coverage, localization and enhanced artificial intelligence help organizations streamline individual and business verification at global scale Vancouver, British Columbia, June 6, 2023 — Trulioo, a leading global identity verification platform, today released new capabilities that cement its position as the premier source for automated business and person verification workflows. The latest update bolsters Trulioo global leadership by expanding geographic coverage and localization for person verification and further automating business verification processes to reduce costly manual reviews. With the ever-increasing complexity of financial crimes and anti-money laundering regulations, onboarding business customers often takes longer and costs more. Trulioo provides a fully end-to-end Know Your Business (KYB) solution that automates traditionally manual verification processes to confirm the entity is legitimate and suitable to do business with, thereby reducing onboarding time from days or weeks to minutes. To further streamline the KYB process, the Trulioo global identity platform can perform Know Your Customer (KYC) checks on a business’s ultimate beneficial owners in the same workflow. Trulioo offers unmatched breadth for person verification with more than 500 integrated personally identifiable information data sources, 12,000-plus identity document types and more than 6,000 watchlists with recently expanded geographic coverage and localization support for global use cases. The result of that layered approach to business and person verification is greater reassurance and faster onboarding at a lower cost per good verified customer. “With Trulioo, we can do both KYB and identity document-based KYC checks with one solution, turning a previously cumbersome onboarding process into one that is quick and easy,” said Philippe Panneton, Nuvei’s senior vice president, Global Risk & Underwriting. “This has enabled us to remain compliant across multiple continents and provide payments solutions that accelerate our customers’ businesses.” Trulioo Chief Product Officer Michael Ramsbacker added: “Trulioo is the global leader in uniting KYB and KYC in one integrated identity platform for organizations that need to operate across different countries and languages. As evidenced by our latest features, we are dedicated to delivering the industry’s most complete verification workflows that are customized for a wide array of business needs to help companies navigate the complexities of today’s global digital economy.” As businesses continue to embrace digital communities and transactions, comprehensive verification is vital to combating fraud. That has led to a $48.1 billion total addressable market for integrated identity platforms in 2023, with estimates that it could reach $115.9 billion by 2027, according to recent research from Liminal. Trulioo will be unveiling additional details about its platform enhancements on stage at Money20/20 Europe in Amsterdam on June 8, 2023. For details and information about Trulioo activities at the event, visit here. To learn more about Trulioo and why KYB and KYC are better together, please visit www.trulioo.com. ### About TruliooTrulioo is dedicated to verifying the identity of anyone and any business around the world. The company’s identity platform drives global growth for organizations by helping them navigate the challenges of compliance and providing real-time verification of more than 5 billion people and 300 million businesses worldwide. By leveraging world-class technology designed to make identity verification faster and more efficient, Trulioo is opening the door to the digital economy for everyone on the planet. Media Contacts: Jennifer SchenbergPenVine for Trulioo917-445-4454[email protected] Or Alison Gallagher[email protected] Posts navigation Previous 1 … 4 5 6 … 157 Next
Business verification during onboarding assesses a company’s background, owners, records and financial activities to identify risk. Regulated organizations, such as financial institutions and payment service providers, must verify companies during onboarding and meet Know Your Business (KYB) requirements to comply with Anti-Money Laundering (AML) and counter-terrorism financing regulations. Those KYB procedures often include identifying and performing Know Your Customer (KYC) checks on the ultimate beneficial owners (UBOs) of those companies. KYB Checks During Onboarding KYB checks during onboarding are essential in verifying business entities. The process includes a range of steps, which vary by geography and industry. Verify Business Documentation The first step is to gather relevant documentation to establish the legal existence of the business entity. That may include: Business registration number Legal name Address Operational status Key personnel Incorporation date Analyze the Business Profile The KYB process includes assessing the business’s activities, industry sector, products or services, partners, suppliers and customers. It also could involve gathering financial statements and business history. Perform a Risk Assessment A risk assessment determines if there is a threat associated with the business relationship. The assessment covers factors such as the business’s location, industry, customers and any instances of fraud or financial crimes. Organizations can then apply the appropriate level of onboarding due diligence. Determine Ownership and Control The KYB process identifies the people who own and control the business and their ownership percentage. Organizations obtain information about the company’s shareholders, directors and beneficial owners. That customer due diligence includes performing KYC checks on UBOs to verify their identities and screening the company and its owners against global watchlists and sanctions lists. Implement Enhanced Due Diligence Organizations can apply enhanced due diligence (EDD) measures when they encounter higher-risk businesses. That could involve gathering additional information or conducting more in-depth investigations into the business and its key stakeholders. Conduct Ongoing KYB Ongoing KYB checks are often necessary for regulatory compliance, risk mitigation and maintaining a trusted online environment. KYB in Europe In Europe, KYB requirements were established in the Fourth Anti-Money Laundering Directive (4AMLD). “Identifying the beneficial owner and taking reasonable measures to verify that person’s identity so that the obliged entity is satisfied that it knows who the beneficial owner is, including, as regards legal persons, trusts, companies, foundations and similar legal arrangements, taking reasonable measures to understand the ownership and control structure of the customer,” according to the directive. The 6AMLD then extended criminal liability to employees, officials of organizations and entities working on behalf of those organizations for showing negligence in enabling the flow of illicit funds. A UBO in the EU is defined as owning more than 25% of the corporate entity. The EU customer due diligence requirements are: Identify and verify customers on the basis of documents or data obtained from a reliable, independent source Identify and verify the beneficial owner Assess the purpose of the business relationship Conduct ongoing monitoring of the business relationship and transactions KYB in the U.S. In the U.S., the customer due diligence final rule governs financial institutions, securities brokers or dealers, mutual funds, futures commission merchants and commodities brokers. “Covered financial institutions must identify and verify the identity of the beneficial owners of all legal entity customers (other than those that are excluded) at the time a new account is opened (other than accounts that are exempted),” according to the rule. In 2024, the Corporate Transparency Act will require that corporations or limited liability companies operating in the U.S. report their UBO information to the Financial Crimes Enforcement Network. KYB Challenges Onboarding business customers can be a slow, manual, costly process that’s open to human error. It can take three to four months to onboard a corporate banking customer. UBO information can be difficult to find. Nominee shareholders can hide true ownership. Shell companies or trusts can obscure information with filings in different regions. On top of that, ownership percentages can get lost in complex paper trails or might not exist. Compliance professionals work through a range of reports and data sets from around the world. That data can be old, inaccurate or in different formats that are hard to reconcile. Each company structure is different and can change, making it difficult to collect and interpret data. A traditional, resource-intensive, manual approach can be challenging. But there are ways to automate many KYB processes and layer business and person verification in a single workflow when identifying UBOs. Fast, Efficient KYB An integrated identity platform can combine multiple verification capabilities and access data sources around the world to quickly onboard good business customers, manage fraud and maintain compliance. With the power of data-driven machine learning and artificial intelligence, onboarding workflows retrieve business data in real time, coordinate responses and flag cases for manual review. When the KYB process identifies UBOs, they can automatically waterfall into KYC identity verification or watchlist screening. An integrated approach to business customer onboarding can help organizations quickly adjust to regulatory changes and accelerate their go-to-market strategies. Business verification with automation helps simplify company onboarding and enhance due diligence to provide a fast, secure customer experience. Read the solution sheet Elevate Your Onboarding Game How to reduce business verification time from what could be a month down to a day with an integrated Know Your Business (KYB) and Know Your Customer (KYC) process. This post was originally published on July 11, 2017. It has been updated to reflect the latest industry developments and best practices.
Business and Person Verification Form a Powerful Combination Business verification poses a complex challenge for organizations, particularly when they operate across borders and under multiple evolving regulations. In those circumstances, organizations often rely on multiple point solutions to meet Know Your Business (KYB) and Know Your Customer (KYC) requirements in different parts of the world. Companies juggle those point solutions to verify businesses and their ultimate beneficial owners. Then they often need different solutions for different countries. But it doesn’t have to be that complex. The Trulioo integrated identity platform provides layered business and person verification through a single, automated workflow to accelerate and simplify onboarding around the world. “With Trulioo, we can do both KYB and identity document-based KYC checks with one solution, turning a previously cumbersome onboarding process into one that is quick and easy,” said Philippe Panneton, Nuvei’s senior vice president, Global Risk & Underwriting. “This has enabled us to remain compliant across multiple continents and provide payments solutions that accelerate our customers’ businesses.” New Platform Capabilities to Expand and Automate Business and Person Verification Trulioo continues to improve its global identity platform to cement its position as a premier source for business and person verification workflows.The latest update bolsters Trulioo global leadership by expanding geographic coverage and localization for person verification and further automating business verification to reduce costly manual reviews. The latest platform updates include: Improvements in data source orchestration and Business Verification translation and transliteration for greater accuracy in 70-plus languages New global data sources and language translation capabilities for Person Match services More configuration options for Identity Document Verification types and selfie support as well as improvements to image capture for 30 languages and the ability for organizations to brand the experience “Trulioo is the global leader in uniting KYB and KYC in one integrated identity platform for organizations that need to operate across different countries and languages,” said Trulioo Chief Product Officer Michael Ramsbacker. “As evidenced by our latest features, we are dedicated to delivering the industry’s most complete verification workflows that are customized for a wide array of business needs to help companies navigate the complexities of today’s global digital economy.” One Global Identity Platform for KYC and KYB Person verification requires piecing together a complex puzzle of personally identifiable information, identity documents, biometrics and watchlists to confirm people are who they say they are. Business verification across geographies can be costly and time-consuming with manual reviews that can take weeks. The Trulioo comprehensive platform accelerates and simplifies the process with automated workflows that enhance the onboarding experience while still ensuring compliance. Organizations can optimize the cost of onboarding the right customers with less need for additional vendor integration and fewer manual reviews. An integrated approach to verifying businesses also enables access to additional data so organizations can create in-depth profiles and gain a holistic view of identity across the customer journey. Those data layers can improve risk evaluation and vetting to enhance fraud protection. A single, global, integrated platform can streamline individual and business verification, opening the door to global expansion. Get the solution sheet Elevate Your Onboarding Game: Unleash the Dual Power of Business and Person Verification Harness the power of a global identity platform to deliver a fast, compliant, automated user experience that optimizes onboarding.
Expanded geographic coverage, localization and enhanced artificial intelligence help organizations streamline individual and business verification at global scale Vancouver, British Columbia, June 6, 2023 — Trulioo, a leading global identity verification platform, today released new capabilities that cement its position as the premier source for automated business and person verification workflows. The latest update bolsters Trulioo global leadership by expanding geographic coverage and localization for person verification and further automating business verification processes to reduce costly manual reviews. With the ever-increasing complexity of financial crimes and anti-money laundering regulations, onboarding business customers often takes longer and costs more. Trulioo provides a fully end-to-end Know Your Business (KYB) solution that automates traditionally manual verification processes to confirm the entity is legitimate and suitable to do business with, thereby reducing onboarding time from days or weeks to minutes. To further streamline the KYB process, the Trulioo global identity platform can perform Know Your Customer (KYC) checks on a business’s ultimate beneficial owners in the same workflow. Trulioo offers unmatched breadth for person verification with more than 500 integrated personally identifiable information data sources, 12,000-plus identity document types and more than 6,000 watchlists with recently expanded geographic coverage and localization support for global use cases. The result of that layered approach to business and person verification is greater reassurance and faster onboarding at a lower cost per good verified customer. “With Trulioo, we can do both KYB and identity document-based KYC checks with one solution, turning a previously cumbersome onboarding process into one that is quick and easy,” said Philippe Panneton, Nuvei’s senior vice president, Global Risk & Underwriting. “This has enabled us to remain compliant across multiple continents and provide payments solutions that accelerate our customers’ businesses.” Trulioo Chief Product Officer Michael Ramsbacker added: “Trulioo is the global leader in uniting KYB and KYC in one integrated identity platform for organizations that need to operate across different countries and languages. As evidenced by our latest features, we are dedicated to delivering the industry’s most complete verification workflows that are customized for a wide array of business needs to help companies navigate the complexities of today’s global digital economy.” As businesses continue to embrace digital communities and transactions, comprehensive verification is vital to combating fraud. That has led to a $48.1 billion total addressable market for integrated identity platforms in 2023, with estimates that it could reach $115.9 billion by 2027, according to recent research from Liminal. Trulioo will be unveiling additional details about its platform enhancements on stage at Money20/20 Europe in Amsterdam on June 8, 2023. For details and information about Trulioo activities at the event, visit here. To learn more about Trulioo and why KYB and KYC are better together, please visit www.trulioo.com. ### About TruliooTrulioo is dedicated to verifying the identity of anyone and any business around the world. The company’s identity platform drives global growth for organizations by helping them navigate the challenges of compliance and providing real-time verification of more than 5 billion people and 300 million businesses worldwide. By leveraging world-class technology designed to make identity verification faster and more efficient, Trulioo is opening the door to the digital economy for everyone on the planet. Media Contacts: Jennifer SchenbergPenVine for Trulioo917-445-4454[email protected] Or Alison Gallagher[email protected]