It is Tuesday, and you are the owner of a UK-based SME. You have just received a large order from a new corporate client. The order is substantial, but there is a nagging concern in the back of your mind. You have done the standard checks—verified the company's registration, checked for any obvious red flags—but you still feel uncertain. The corporate structure is complex, with multiple layers of ownership. You know that beneficial ownership checks stop at the corporate shareholder, leaving you without a clear view of who actually owns the company. This lack of transparency makes it difficult to assess the risk associated with this new client.
You have heard stories of companies being used as fronts for illicit activities, and you do not want your business to be unwittingly involved. The compliance team at your bank has signed off on the structure, but you cannot shake the feeling that there might be more to the story. You need to know who the real people behind the corporate veil are, and you need to be sure that their trading activity is legitimate. The standard Know Your Customer (KYC) procedures are not enough to give you the peace of mind you need. You require a deeper level of due diligence that goes beyond the surface-level checks.
Your compliance team is already stretched thin, and manually verifying each layer of ownership is time-consuming and error-prone. You need a solution that can automate this process, providing you with the information you need quickly and accurately. The current system leaves you vulnerable to risks that you cannot see, and this uncertainty is affecting your ability to make informed decisions about your business.
The problem is not just about compliance; it is about protecting your business from potential fraud and financial loss. You need a way to see through the corporate structure and identify the real people behind it. You need to corroborate their trading activity and assess the risks that a manual compliance team would only find by hand. This level of due diligence is crucial for safeguarding your business and ensuring that you are making sound financial decisions.
The KYB Onboarding and Due Diligence system is designed to address the gaps in traditional corporate ownership checks. It provides a deeper level of due diligence that goes beyond the standard KYC procedures. The system includes a detailed identity-check evidence ledger that verifies the identities of the beneficial owners. This ledger ensures that you have a clear and accurate record of who the real people behind the corporate structure are.
The system also includes a counterparty credit and sanctions panel that checks for any potential risks associated with the beneficial owners. This panel includes checks for Politically Exposed Persons (PEPs), Ultimate Beneficial Owners (UBOs), and other sanctions lists. It provides you with a comprehensive view of the risks associated with doing business with this corporate client.
The KYB onboarding intake process is streamlined and efficient, allowing you to collect the necessary information quickly and easily. The face match feature compares the document portrait to the submitted photo, ensuring that the identities of the beneficial owners are verified. This feature adds an extra layer of security, making it more difficult for fraudsters to use fake identities.
The KYB due-diligence process includes 25 checks across three tiers, providing a thorough evaluation of the corporate client. This process includes ongoing monitoring and change alerts, ensuring that you are aware of any changes in the corporate structure or the beneficial owners' status. The system also includes a global sanctions and PEP database, providing you with up-to-date information on any potential risks.
The system includes a registry for multi-tenant use, allowing you to manage multiple corporate clients efficiently. This registry ensures that you have a centralised record of all the due diligence information, making it easier to manage and access. The system also includes a sanctions screen that checks for any illicit crypto addresses, providing an additional layer of security.
Now, as you sit at your desk on Tuesday, you have a different perspective on the new corporate client. You have access to a deep level of due diligence that goes beyond the standard KYC procedures. You know the real people behind the corporate structure, and you have corroborated their trading activity. You have a comprehensive view of the risks associated with doing business with this client, and you have the information you need to make an informed decision.
You no longer have to rely on the standard checks that stop at the corporate shareholder. You have a clear view of the beneficial ownership, and you have verified the identities of the real people behind the company. You have checked for any potential risks associated with the beneficial owners, and you have ongoing monitoring in place to alert you to any changes.
This level of due diligence allows you to make informed decisions about your business. You can assess the risks associated with the new corporate client and decide whether to proceed with the order. You can also use this information to negotiate better terms or conditions, knowing that you have a thorough understanding of the risks involved.
The deep KYB onboarding and due diligence process provides you with the confidence you need to make sound financial decisions. You no longer have to rely on uncertain information or manual compliance checks. You have a system in place that automates the due diligence process, providing you with accurate and up-to-date information quickly and efficiently.
Your next step is to take your invoices and assess the risk associated with each of your existing corporate clients. Compare the level of due diligence you have conducted on these clients with the deep KYB process. Identify any gaps in your current due diligence procedures and develop a plan to address them. This will help you to safeguard your business and ensure that you are making informed decisions about your corporate clients.