What is the Know Your Business (KYB) Check?
Companies that deal with money transfer are required to perform a Know Your Business (KYB) check. This check includes verification of the company registration, business license updates, and the direct and indirect owner/s of the company with whom you are conducting business.
Non-Compliance
Failing to carry out Know Your Business (KYB) checks leads to the risk of exposure to money laundering and terrorism financing activities.
Implication
If Know Your Business (KYB) checks are not performed, it may at any point, damage your brand integrity and profit baseline and subject you to penalties for non-compliance.
Information Provided by NameScan's KYB Solution:
Real-Time KYC Intelligence at Your Fingertips
Revolutionise your KYB workflows with instant access to over 180 continuously updated company registries, tailored precisely for your requirements.
Our Features
Pay-As-You-Go Service
Opt for the Pay-As-You-Go KYB service, crafting tailored reports that meet your precise compliance needs. Ideal for businesses seeking cost-effective solutions without long-term commitments.
Global Coverage
Utilise our vast network spanning over 180 global company registries. Ensure accurate verification of business partners across borders, enhancing your operational trust and security.
Comprehensive Datasets
Dive into a pool of over 170 million company reports. We provide reliable, up-to-date data to support your AML/CTF compliance, giving you the confidence to make informed decisions.
Real-Time Screening
Conduct real-time scans on global corporate registries and receive detailed reports within 15 minutes, ensuring timely, accurate data to bolster your compliance efforts.
Informed Due Diligence
Facilitate informed decision making and risk management with essential company information tailored to meet your KYB obligations, helping you navigate business complexities with confidence.
Online Platform
Our online platform offers round-the-clock access to vital company information. Achieve real time insights anytime, anywhere, ensuring you are always ahead in compliance and verification.
Benefits
Elevate Your Compliance Programme Effectiveness
NameScan's comprehensive compliance platform grants you access to up-to-date and trustworthy information, helping you fulfil your AML/CTF duties with ease.
Improve Your Customer Onboarding Experience
Reduce customer onboarding friction by using precise company data to help facilitate informed due diligence decisions.
Accelerate Your Due Diligence Operations
Access multiple company registries swiftly to optimise your decision-making processes and enhance compliance efficiency.
How to conduct a KYB check?
Step 1
Select your country and type the company's name in the search field.
Step 2
Review the list of matching companies and select the one you wish to investigate.
Step 3
Choose from available reports that meet your needs and add them to your basket.
Step 4
Proceed to checkout, confirm your items, and complete the purchase.
Step 5
Download your report(s) post purchase to conduct necessary due diligence.
Why is it important to conduct a Know Your Business (KYB) check?
It is important to conduct a KYB check to help you identify the legitimacy of the business you are choosing to interact with. Failure to identify shell or fraudulent companies may lead to your business being exposed to money laundering and terrorism financing activities.
To help combat money laundering and terrorism financing activities, many regulatory bodies around the world have made KYB checks mandatory for reporting entities. Failure to comply with regulations will result in significant penalties, upheld by regulatory bodies, and the potential to lose all rights to conduct business within the region.
NameScan can help you comply with anti money laundering and counter terrorism financing regulations in various jurisdictions, helping you manage your risk and adherence to legislation within your jurisdiction.
Ready to Explore the KYB Service?
Elevate your due diligence process effortlessly with NameScan’s user-friendly KYB solution, designed for comprehensive compliance and insights.
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