Business Verification

Streamlining marketplace vendor onboarding helps ensure the relationship with a seller begins with a great experience. It also establishes security and fraud prevention measures that build a sense of trust and safety. Each marketplace is unique and serves a broad audience. Understanding the different risks presented by different audiences and…

The Ultimate Beneficial Owner (UBO) owns or controls a business or legal entity. Understanding who UBOs are, and the risks they pose, is crucial for effective regulatory compliance. Jurisdictions differ on UBO definitions and requirements, but it’s critical that financial institutions verify company details, understand corporate structures, and identify the…

The Customer Identification Program (CIP) requirements that govern financial institutions target money laundering, terrorism funding, corruption and other criminal activities but also present challenges for organizations. …

Most countries have well-established Know Your Customer (KYC) rules that specify identification, due diligence and risk assessment procedures for verifying identities. But many KYC guidelines and regulations don’t reflect the reality of digital transactions. While modifying laws to make them more applicable is possible, many countries have established electronic Know…

Two legislative acts in the European Union hold the potential to significantly change the operations of digital marketplaces, which are critical to providing shared spaces for users to interact and transact. The Digital Services Act (DSA) will require that digital platforms fairly and effectively oversee their communities. The Digital Markets…

If you’re doing business with other businesses, it’s vital to know that they are legitimate. Performing Business Verification, or Know Your Business (KYB) checks, helps protect your business from fraud, ensures regulatory compliance and mitigates potential risks. Business Verification processes are similar to performing Know Your Customer (KYC) checks but…

Regulated organizations must search and screen global watchlists for named corrupt, criminal, and sanctioned people and entities. Having robust and effective processes to uncover accounts that are trying to launder money, evade sanctions and obfuscate money trails is critical to ensure compliance and protect your organization’s integrity. As part of…

For financial institutions, Customer Due Diligence (CDD) is an element of Know Your Customer (KYC) steps to comply with Anti-Money Laundering laws (AML), as well as protect your organization from financial crime. Enhanced Due Diligence (EDD) are additional procedures for accounts or activities that pose a higher risk. What effective…

What is AML compliance? Effective Anti-Money Laundering (AML) programs help ensure illegal funds don’t enter the legitimate financial system. AML compliance is a fundamental requirement for regulated entities, such as banks, financial and money service businesses. …