ComplyAdvantage launches KYB solution for banks and brokers

Rick Steves

“Banks and other companies leveraging Dynamic Risk Scoring significantly enhance the speed, accuracy, and efficiency of their business onboarding operations, bolstering their overall operations and reinforcing the robustness of the financial system.”

ComplyAdvantage has announced the launch of a KYB verification solution to address one of the biggest challenges faced by regulated and non-regulated companies: assessing whether or not another business is safe to work with.

KYB, which stands for Know Your Business, is an onboarding and monitoring process required by regulators to strengthen the financial system, but is a valuable resource even for unregulated entities.

KYB automatically checks the name against business registries

Existing approaches rely on manual research across multiple siloed sources. This is time-consuming and fails to give the holistic risk overview necessary to make an informed decision.

To address this long-standing problem, ComplyAdvantage launched a KYB solution to make it faster and easier to manage risk exposure while growing the customer base.

Banks, brokers, and other financial services firms typically spend as much as 14 days conducting the necessary background checks when opening a business account, according to ComplyAdvantage, whose automated solution is said to dramatically reduce the time needed for manual research.

KYB solution includes dynamic risk scoring feature

The regtech firm added that, once the company creates a new customer profile, KYB automatically checks the name against business registries and fills in all the key information about the business executives. Adverse media tools are available to further research high-risk individuals.

The KYB solution makes it easy for administrators to create a variety of risk profiles and tailor them to their risk policy. Its automated process relieves analysts of numerous micro-assessments so they can focus their time and effort on overall rating.

KYB by ComplyAdvantage features a dynamic risk scoring feature that automates the risk management process whenever changes occur in a business customer’s ownership, credit rating, trading amounts, or directorship/governance.

Onboarding and monitoring business accounts is usually time-intensive and inefficient

Oliver Furniss, Chief Product Officer at ComplyAdvantage, commented: “Business accounts present a tremendous growth opportunity for most companies, but onboarding and monitoring them is hugely time-intensive and inefficient for their analysts. Our new KYB solution provides the data and insights our customers need to make informed decisions much faster and manage their risks more effectively.

“Banks and other companies leveraging Dynamic Risk Scoring significantly enhance the speed, accuracy, and efficiency of their business onboarding operations, bolstering their overall operations and reinforcing the robustness of the financial system.”

Igor Zaks, Co-Founder and Chief Risk Officer, 40Seas, said: “As a digital trade finance platform, automated onboarding and efficient KYB is critical for 40Seas. ComplyAdvantage’s KYB solution was really easy to get up and running. With the system we’re able to verify our customers in seconds, improving the customer experience and ensuring we can mitigate risk effectively.”

KYB by ComplyAdvantage is currently available in the United States. Additional regions will be added in 2024.

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