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KNOW YOUR BUSINESS (KYB)

Onboard Businesses, Reduce Your Risk, Stay Ahead of Regulations

Know Your Business (KYB) is key to helping ensure that you’re not onboarding businesses that will use your platform as a financial rail for illicit activities like fraud, terrorism, human-trafficking, drugs, corruption. 

IdentityMind delivers a solution that helps you:

 

  • Make your KYB operations more efficient through process automation
  • Verify businesses with a high degree of accuracy
  • Determine beneficial ownership
  • Sanctions screen business entities and UBOs
  • Get the compliance and operational reports your team needs
key features

 

KYB OPERATIONS

Business Verification

    • Verify the EIN or tax identification numbers, the articles of incorporation
    • Match business or DBA (Doing Business As) with provided address and registered business address
    • Business verification automation is dependent on business region (NA, EU, EMEA) or global, business size (Micro-merchants to SMBs to Corporate entities), verification source (tax authorities or state/country business registration authorities) 

 

 

 

Staged KYB

  • Risk-based approach to balance the customer experience with needed due diligence

Case & Queue Management

  • Escalate edge cases to analysts
  • Cases hold all information needed for decision making
  • Assign specific type of cases to different analysts automatically

Continuous Monitoring

  • Automated and semi-automated monitoring
  • Receive alerts based on business changes

 

    BENEFICIAL OWNERS IDENTIFICATION 

    The actual beneficiaries of the business

    • Beneficial owner identification processes have reached semi-automation state depending upon the country and availability of beneficial owner registries (EU AMLD5 is a clear leader thus-far and other countries are making the data available but the progress and the quality of data varies country by country)

     

    • For institutions which have opted to do Beneficial Owner Certification, the processes involved have achieved high efficiency with the right set of tools

    SANCTIONS SCREENING

    Screen businesses and UBOs against Sanctions lists 

    • Matches against regulatory sanctions lists in all jurisdictions including OFAC and EU Freeze list

     

    • Automated list matching – screening businesses against sanctions lists and achieving full coverage with low false positives

    RISK ASSESSMENT 

    Determine risk or business entity

     

    • Automated and standardized by profiling and assessing risk by evaluating types of business, legal entity structure, category of business, revenue size classification against the size of the business, and geographical location 
    • Manual risk assessment and investigation have become efficient as well by making the relevant data available as one platform vs. searching for information in multiple websites and tools
    • Machine learning based models 
    • Rules (risk matrix)
    • Identity Creation
    • Real-Time Risk Scoring

    REPORTS & ANALYTICS

    Leverage your data and gain insights

     

    • Configurable Operational Dashboards – Add widgets to create dashboard adequate to the operations of team member
    • Account Dashboard for Easy Viewing of Reports and User Data – View report highlights for increased team efficiency
    • Visual link analysis for rapid assessments – Graph link analysis provides a holistic view of the customer’s connections to attributes and other entities
    • Compliance Reports – Standard reports for internal operations, auditors and more
    Benefits

    Efficiently Onboard Businesses

    Leverage the platform’s risk based approach, orchestration layer and workflow feature set to achieve automation in the business verification and due diligence process.

    Global Verification Coverage

    Use data sources worldwide to verify the validity of the businesses, perform proper consumer due diligence on UBOs, while making sure you are not dealing with sanctioned entities, and performing enhanced due diligence on PEPs.

    Reduce Your Risk

    Identify the good customers you want to do business with and bad actors you want to avoid. Our eDNA™ engine assembles digital identities for each entity (businesses and their UBOs) you do business with. Using graph intelligence, we create a risk score that allows you to assess your exposure for quick decision making. See whether the business is associated with any bad actors or nefarious activities.

    Stay Ahead of Regulations

    Maintain a proactive compliance program, be ready for auditors, and stay prepared for stricter regulatory requirements.  The IdentityMind platform’s flexibility enables you to be ready to respond quickly to new legislative developments. We allow you to request additional information or tailor your on-boarding form as needed per any new regulatory requirements.

    Customers
    Why IdentityMind

    Everything You Need In One Platform

    Business verification and due diligence, risk assessment, CDD/EDD for UBOs, rules, case management, continuous monitoring, and more in one platform.

    KYB and KYC integrated in a single platform like no other.

    Highly Accurate Risk Assessment

    Our platform is highly accurate allowing you to safely accept good customers. Customers identified as “trusted” are automatically accepted over 99% of the time with only 0.03% of error.

    Our Electronic DNA™ (eDNA™) technology builds and manages identities, and leverages machine learning and graph intelligence to accurately assess the risk that entity presents.

    BLOG

    Automation in the KYB Process – Real-life scenarios for Business Payroll and Benefits (BO&B) and B2B Cross Border Payments

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