Regulatory KYB Business Compliance

Conducting business with verified entities while adhering to complex compliance requirements: the challenge of IDV for companies

Organizations, such as banks, fintechs, and other lending institutions, are required to make sure the entities they do business with are legitimate and not engaged in money laundering, funding terrorism, and numerous other financial crimes. Criminals use a multitude of methods to conceal their illegal activities, including shell corporations, false identities, and loopholes in the legal system.

Traditional KYB solutions include monitoring databases and watchlists and identifying UBOs, but many of these processes are fulfilled manually, which makes it difficult to scale for larger corporations or entities. Additionally, automated KYB processes can be difficult and cumbersome to integrate into an organization’s existing systems. The network of international regulatory bodies and laws are another onerous burden on businesses, because it can be difficult to keep track of every newly-issued regulation.

Effective KYB solutions must comply with domestic and international regulations; verify information to avoid legal repercussions; and seamlessly scale to verify large numbers of businesses.

Global insights for
comprehensive risk
management

Strong compliance with anti-money laundering (AML) requirements

Shufti deploys comprehensive AI-powered monitoring of Politically Exposed Persons (PEP) lists, global sanction watchlists, and adverse media databases. Shufti also eliminates the hassle of periodic and burdensome AML reviews with ongoing background monitoring. Companies will receive updates when business information changes to ensure continuous compliance with regulations and vendor management systems.

Improve productivity and build strong partnerships with accelerated onboarding

Accelerate partner and supplier onboarding programs by verifying business information, including Ultimate Beneficial Owner (UBO) data. Reduce onboarding costs up to 60% by using our expert money laundering reporting officers (MLROs). Shufti’s expert compliance officers and money laundering reporting officers validate IDs and corporate documents in real-time. You can also choose to take complete control over your investor's information by manually verifying them yourself.

Reduce fraud through powerful IDV

Shufti’s IDV solutions help companies seamlessly prevent a wide range of fraudulent activities. Our comprehensive tools include document verification and due diligence forms, all of which strengthen accuracy and help eliminate identity fraud. Our global coverage spans over 240 countries in over 150 languages.

How our KYB process works

Verify business data

Access global databases to verify business information –including addresses, business statements, and Ultimate Beneficial Owners (UBOs).

Report business information

View reports containing registration data, jurisdiction code, contact information, address details, and company officers' information.

Screen watchlists

Screen a business and its Unique Business Owners (UBOs) against global sanction watchlists, and adverse media databases issued by the Office of Foreign Assets Control (OFAC), Financial Action Task Force (FATF), United Kingdom’s HM Treasury (HMT), and several other authorities.

Ongoing monitoring

Reduce compliance costs by maintaining an up-to-date risk status of your clients and partners with scheduled AML screening.

Advanced technology for enhanced business relationships and full regulatory compliance

Document Verification

Use advanced data extraction and AI-powered verification to process 10,000+ document types worldwide rapidly.

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eIDV

Verify customers remotely and paperlessly using e-IDs checked against government databases for quick, accurate results.

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Investor Verification

Quickly and accurately vet investor identities and credentials to establish trust and achieve compliance AML and CFT directives.

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Business AML Screening

Screen businesses against PEP lists, sanctions watchlists and monitor media databases to support know your vendor, trader, or supplier requirements.

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Business Verification

Create trusted business relationships by immediately verifying business information and Ultimate Beneficial Owners (UBOs).

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