Know-Your-Business

Businesses that provide their products to other businesses rather than to individuals need to be extra careful when onboarding new clients. B2B businesses claim that 19% of all online transaction inquiries are efforts at online fraud. Therefore, it is crucial to protect your interests before cooperating with another company. Scams: Statistics from the Australian Competition and Consumer Commission state that B2B invoice fraud cost Australia $91.4 million last year. 

Know Your Business KYB services are helpful in this situation since they enable businesses to confirm the verification of possible clients and personal information. The two CEOs, Victor Fredung and Shahid Hanif, introduced this innovative solution, KYB, after KYC. 

Know Your Business: What Does It Mean?

Corporate organizations can assess whether they are working with legitimate company entities or shell businesses that are only on paper. Regulators, particularly in developed nations when dealing with foreign firms, expect AML checks for business verification services.

There are some regulations that impose Know Your Business (KYB) laws on corporate entities. It includes the Electronic Identity Verification (DV) standard and the fourth AML directive from the European Union.

To ascertain the true ownership of a business entity, customer due diligence procedures are being mandated to be the standard in the US, across the pond.

Various KYC service providers provide various business verification options. Some identity verification services can quickly verify firms. They use their document verification services, anti-money laundering checks, and identity checks of the senior management using official identity documents.

Like Know Your Customer (KYC) service providers, KYB service providers validate businesses by getting official commercial registration data using APIs. An effective digital KYB service can gather verifiable information for the business by using the registration number and jurisdictional code of the entity.

How does KYB Guard Your Company’s Interests?

Shufti Pro services use AI to detect not just a valid individual’s real identity, but also the financial risk associated with that person using AML Compliance solutions.

It will help you check the status of any top executive of your collaborating company. Running checks is necessary to find out if someone is on any watchlist or financial risk list using Anti Money Laundering services.

It uses its massive databank to do Customer Due Diligence on its customers’ behalf. Shufti Pro can run real-time AML background checks on 1000+ Blacklists and 3000+ databases.

The primary goal of any identity verification service, such as Shufti Pro, is to get to know your customers, but the services are available for everyone.

KYB services are extremely beneficial to financial institutions that deal with a big number of customers and corporate entities. Banks, brokerage firms, and dealers for a variety of investment institutions must be very wary of any company that wants to associate with them.

Is it Worth Your Time to Use a Business Verification Service?

The delayed grinding discomfort of KYC verification for client onboarding, transaction verification, and online banking services has already been experienced by most institutions.

This is why most large financial institutions find it difficult to trust other companies. KYC when they require to Know Your Business services or wish to identify the (UBO) model of the firms they deal with.

AI-based identity verification services, on the other hand, make it easier to complete business verifications in seconds. It becomes the best resource for enterprises for real-time identification using Optical Character Recognition (OCR) and Global Businesses.

It can readily detect any attempt to falsify identity papers or even corporate structures using machine learning algorithms. Shufti Pro solutions can readily trace fake credentials or private details provided by top management.

It is a prevalent practice in Shell organizations with complex management structures. Shufti Pro’s nationality verification and location services help businesses in several ways.

It helps them discover the true location of foreign customers and whether a company was formed in a tax haven. KYC and AML Compliance solutions to collect trustworthy business identification data and perform flawless business verification.

Wrapping it Up

Shufti Pro is a digital identity verification services company powered by artificial intelligence. It provides KYC, KYB, and AML services in over 200 countries and territories. Its goal is to build a safe and secure online marketplace that is free of identity fraud and other forms of fraud.

Shufti Pro, which was launched in 2017, is poised to take over the identity verification business. It began as a simple identity verification service. It then expanded to include an (AML) screening solution and a (KYB) solution. Our cutting-edge OCR) technology is now ready to take on the competition. 

By VICTOR FREDUNG N

Guest Author

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