In recent years, Know Your Business (KYB) verification has grown significantly due to the introduction of stricter rules by regulatory bodies, such as AUSTRAC in Australia, that emphasise the importance of business verification and ultimate beneficial ownership (UBOs) checks. While significant advancements have been made to streamline KYC verification and onboarding, the KYB process remains a major challenge for many businesses.
Verifying the legitimacy of a business and identifying its direct and indirect owners continues to be a time-consuming and manual-intensive process. Potential complications include false declarations, complex ownership structures, limited or missing information, various business entity types, and operations in multiple jurisdictions. All these factors make KYB even more complicated and cumbersome to perform. Meanwhile, non-compliance leaves businesses exposed to risks related to money laundering, terrorism financing activities, and financial penalties from regulatory bodies.
To overcome this challenge, Data Zoo has introduced a real-time and automated Know Your Business (KYB) solution that enables businesses to stay ahead of the ever-evolving regulatory landscape and conduct seamless business verification checks without adding friction and frustration.
What is KYB?
Know Your Business (KYB) plays a vital role in establishing the legitimacy and trustworthiness of a potential business partner. Its primary purpose is to verify essential details about the business and identify the Ultimate Beneficial Owners (UBOs), who are the individuals directly associated with the business and reap its financial benefits. Additionally, the KYB process helps companies to conduct continuous anti-money laundering (AML) monitoring throughout the business relationship to ensure compliance and security and to meet regulatory requirements.
How Data Zoo’s KYB solution can help
We understand that trust is the foundation of any successful business relationship. Our KYB solution is built on our privacy-first ecosystem, enabling you to effortlessly meet regulatory requirements and build trust with new business clients, customers, investors, and suppliers.
Data Zoo’s KYB solution eliminates time-consuming manual compliance processes so you can provide a seamless onboarding experience to your trusted business clients in seconds, not hours. We’ve enhanced the business verification experience in the following ways:
Trusted data sources. Gain access to comprehensive searches across Government and Commercial Business Registers, along with high-quality, trusted data sources for individual identity verification. Fast-track onboarding for legitimate businesses by verifying direct-to-source, such as the Australian Business Register (ABR) and the Australian Securities & Investments Commission (ASIC).
Unlock valuable insights. Leverage our comprehensive range of checks, including Ultimate Beneficial Owner (UBO), Interested Parties, Business Registration details, Watchlist and PEPs & Sanctions screening, to verify and gain valuable insights into Australian sole traders, proprietary companies, and private companies.
Effortless decision-making. Our user interface and downloadable PDF UBO reports make decision-making quick and easy for KYB and compliance staff in your organisation. In addition, our modular settings tailored to specific industries and requirements streamline compliance and improve the accuracy of decisions.
Take control of risks. Managing risks in the ever-changing business landscape requires a tailored approach. Data Zoo’s KYB solution allows you to screen against global watchlists, adapt and apply a new risk profile and verify or re-verify business partners. In addition, periodic or bulk remediation of your business partners empowers you to review partnerships and make informed decisions.
World-class compliance. Data Zoo helps create safer verification experiences by protecting your customers and their sensitive data. We are certified and adhere to the highest industry standards and regulations around the world, alleviating your compliance burdens.
Ready to make business verification fast and reliable? Book a free demo with our experts today.
Discover how Data Zoo’s quick and efficient KYB solution enhances your onboarding experience, detects fraudulent business activities, and establishes confidence in your business relationships.