AU10TIX launches KYB solution to address regulatory requirements

Rick Steves

“Our customers have been requesting a comprehensive KYB solution, because money laundering and fraud have become far too prevalent in the corporate world. Our unified KYB/KYC solution is essential for identifying bad actors and maintaining a safe business environment in 2024.”

AU10TIX has launched a Know Your Business (KYB) solution designed to help companies understand with whom they are conducting business, thereby avoiding potential financial and reputational damage.

The solution integrates KYB with Know Your Customer (KYC) processes, catering to a broad spectrum of business needs, from sole traders to large corporates, including KYC for Ultimate Beneficial Owners (UBOs) and related entities.

Firms face increasing regulatory requirements

With increasing regulatory requirements, businesses across various sectors are compelled to gather and examine more data on the identities of their partners and vendors. This is essential to avoid associations with entities involved in identity theft, fraud, money laundering, terrorist financing, or other illicit activities.

The challenge has been that existing KYB solutions offer limited coverage, necessitating companies to work with multiple vendors for comprehensive KYC, forgery tests, and fraud detection capabilities.

AU10TIX’s unified solution offers a comprehensive check against more than 200 jurisdictions and over 1,000 government registries through one automated workflow, delivering results within seconds — a significant improvement over other vendors that may take days and use potentially outdated databases. This solution also offers full profiling and continuous monitoring for compliance and risk management.

Business Validation, Sole Trader Verification, and Enterprise Verification

The KYB solution is available in three packages: Business Validation, Sole Trader Verification, and Enterprise Verification, each offering a range of features from basic business validation to in-depth KYC risk assessment, AML screening, and continuous monitoring for real-time compliance and risk management.

Benefits of the solution include a fully automated KYB and KYC process, advanced document verification through AI technology, a case management dashboard for managing check results, a comprehensive scoring mechanism for risk measurement, a single API call for both business and individual verification to reduce costs, and global coverage providing insights into ownership structures across more than 200 countries.

Dan Yerushalmi, CEO of AU10TIX, said: “Our customers have been requesting a comprehensive KYB solution, because money laundering and fraud have become far too prevalent in the corporate world. Our unified KYB/KYC solution is essential for identifying bad actors and maintaining a safe business environment in 2024.”

AU10TIX’s ID fraud report revelations

In late 2023, the Israeli-based identity verification technology company released its Q3 2023 Global Identity Fraud Report which revealed significant shifts in organized identity fraud patterns. The most striking trend is the 56% increase in fraud within the digital payments sector, contrasted by a 51% decline in cryptocurrency-related fraud.

This shift is attributed to the impending implementation of the EU Market in Crypto-Assets (MiCA) regulation, set to revolutionize the European Union’s cryptocurrency landscape in 2024.

Although primarily targeting the EU, the regulation’s influence has led to a global uptick in stricter KYC (Know Your Customer) guidelines, particularly in the crypto sector. This has made it increasingly challenging for professional fraud rings to operate in the cryptocurrency space, prompting a shift of their activities to the less regulated payments sector.

The report indicates that the payments sector was the primary target of organized fraud groups in Q3 2023, accounting for 51% of all financial fraud attacks, a significant rise from 32% in Q2. In contrast, the crypto sector’s share of attacks dropped to 23% from 47% in the previous quarter.

North America experienced the highest volume of attacks in the payment sector, attributed to the region’s economic recovery and increased spending. The Asia-Pacific region, due to its complex digital transaction environment involving cross-border payments, was the second most targeted.

Interestingly, AU10TIX’s analysis found that fraud involving selfie capture represented less than 5% of attacks across all regions, indicating the effectiveness of this verification method.

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