Check out this brand-new customizable solution for swift onboarding, regulatory compliance and effortless checks.
This month, Sumsub is launching a KYB solution for verifying companies and beneficiaries that’s backed up with certified AML compliance expertise. Forget about endless manual checks, heavy compliance expenses and needless onboarding delays—now just one authorized representative can verify a company (plus its beneficial owners and representatives) through an intuitive interface.
KYB stands for “know your business” and is a set of practices that verifies businesses by screening companies and their beneficial owners. This is in order to reduce threats of money laundering and fraud.
The procedure is mandatory for financial institutions and other AML-regulated entities (online payment services, online banking, crypto marketplaces and services, etc.). Basic KYB checks include the following steps:
The KYB check has multiple levels which can vary by jurisdiction and legal entity type. For instance, an initial check may reveal that the company is based in a country with a weak AML infrastructure or that its management includes Politically Exposed Persons (PEPs). In such cases, the KYB check can be enhanced with additional due diligence procedures, such as source of funds checks.
There are two main reasons why KYB checks are necessary:
KYB is legally required by national AML laws, regional regulations (i.e. EU Money Laundering Directives), and non-binding standards and guidelines (i.e. FATF recommendations).
Sumsub’s all-in-one KYB solution includes KYC checks, which enable verification of UBOs, representatives, and other individuals. All this is made possible within a single dashboard where users can:
The average processing time for business verification is 3 hours, but may take longer depending on the complexity of the entity’s structure.
Other advantages include:
1.Speedy user onboarding
Users get onboarded in a few minutes with a customisable widget that collects all required information from businesses and individuals via the Web SDK.
The solution is integrated via Web SDK or RESTful API, with an uptime of over 99.996%.
3.Reduced verification costs
Sumsub automates the entire business verification process, which cuts costs and reduces manual workload.
Users get access to multiple corporate registries and AML sources, including all available global watchlists, PEPs and sanctions lists (US Department of Treasury, EU, UN etc.). This is in addition to some other key compliance benefits:
Since corporate registry data rarely contains sufficient information on UBOs, Sumsub examines corporate documents and additional sources to reveal the true control structure of a company.
Our certified AML compliance specialists will help you build the flow according to the risks detected and tailor the solution to your business specifics. Plus, Sumsub provides 24/7 customer support, and our customer success team is always ready to answer any questions and show you how to take full advantage of the solution.