How to Conduct Fully Compliant KYB

5 Apr 2022
23 min
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How to Conduct Fully Compliant KYB

KYB stands for “know your business” and involves verifying businesses by screening companies and their beneficial owners. The procedure is mandatory for financial institutions and other AML-regulated entities (online payment services, online banking, crypto marketplaces and services, trading, marketplaces etc.) 

Most companies don’t have enough resources or expertise to handle KYB checks on their own, as they often lack access to consolidated public resources of company information (global and local registries, watchlists, etc). Therefore, KYB is usually outsourced to compliance officers who perform it manually—a process that may take up to three working days (or 72 hours per company) due to the difficulty of collecting all of the required info and documentation. 

In this webinar, we’ll discuss all the problems that may occur during business verification and show you how Sumsub’s KYB solution addresses them. 

In just 40 minutes, we’ll cover: 

– Use cases – who needs KYB checks and why?
– What are the legal specifics of KYB checks?
– Why are KYB checks so painful for businesses?
– How to speed up onboarding by 24x and save your team’s resources with Sumsub’s KYB solution

And so much more! 

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