Questioned: What methods should be employed to authenticate a business when its information is inaccessible in registration databases?
In the world of regulatory compliance and verification, finding solutions for companies that aren't listed in official registries can be a challenge. This week, Stan Tyrnov, the KYB Product Lead at Sumsub, will lead a Q&A session to discuss this very topic as part of Sumsub's bi-weekly Q&A series.
The series, which features experts from legal, tech, and other fields, aims to answer frequently asked questions about regulatory compliance, verification, and automated solutions. Sumsub, a leading player in the identity verification space, has launched this initiative to provide clarity and insight into the complexities of the industry.
When it comes to verifying companies that aren't found in official registries, Sumsub employs a multi-layered approach. Their KYB (Know Your Business) verification process, detailed in a guide available for learning, includes document verification, AML screening and risk assessment, biometric verification and liveness checks, ongoing monitoring and transaction checks, and customisable workflows and data sources.
Document verification involves authenticating corporate documents such as incorporation documents, licenses, or tax registrations, even if the company is not listed in public registries. This is achieved through AI-driven analysis and manual review where needed. The platform also screens for adverse media, sanctions, and Politically Exposed Persons (PEP) lists to detect potential risks associated with the entity.
Biometric verification and liveness checks, while primarily for individuals, help confirm the authenticity of representatives submitting documents, reducing impersonation risks. Ongoing monitoring and transaction checks ensure that Sumsub continues to monitor clients and transactions post-onboarding to detect suspicious activity.
Customisable workflows and data sources allow Sumsub to adapt specialized verification workflows and incorporate third-party or proprietary business information sources, enabling verification of entities outside traditional registries.
Stan Tyrnov, who will be leading this week's Q&A session, is well-equipped to discuss these topics. He brings a wealth of knowledge and experience to the table, having played a key role in the development and implementation of Sumsub's KYB solutions.
The Q&A session will be posted every other Thursday on The Sumsuber and Sumsub's social media platforms. Followers are also encouraged to submit their own questions to Sumsub's Instagram and LinkedIn accounts. For those interested in learning more about corporate entity verification, the guide to KYB and its relation to KYC is available.
Stay tuned for this week's insightful Q&A session with Stan Tyrnov, and join the conversation as we delve deeper into the world of regulatory compliance and verification.
- In the Q&A session led by Stan Tyrnov, the topic of discussion will be finding solutions for verifying businesses that aren't listed in official registries, a challenge in the realm of regulatory compliance and verification.
- Sumsub's series of expert Q&A sessions aims to address this challenge, as well as provide clarity on regulatory compliance, verification, and automated solutions in the industry, using their advanced technology in identity verification.
