Streamlined Business Integration: Sumsub Presents a Comprehensive Know Your Business (KYB) Authentication System
Sumsub, a leading provider in identity verification and compliance solutions, offers a robust Know Your Business (KYB) solution designed to help businesses combat financial crimes and ensure regulatory compliance.
The solution is equipped with a customisable widget that collects essential information from businesses and individuals via the Web SDK. This feature streamlines the onboarding process, making it more efficient and user-friendly.
At the heart of Sumsub's KYB solution lies a comprehensive suite of features. It includes KYC checks, automated check levels, in-depth investigations, feedback, report generation, and an average processing time of just 3 hours.
To provide a tailored experience, Sumsub offers certified Anti-Money Laundering (AML) compliance specialists and 24/7 customer support. These experts help build the flow according to the risks detected and tailor the solution to business specifics.
The solution provides access to data on over 200 million companies and beneficiaries from global and local registries. Users also have access to multiple corporate registries and AML sources, including all available global watchlists, Politically Exposed Persons (PEPs), and sanctions lists (US Department of Treasury, EU, UN, etc.).
To ensure a thorough examination, Sumsub scrutinises corporate documents and additional sources to reveal the true control structure of a company. One authorised representative can upload all documents required for verification, and the entire business verification process is automated, reducing costs and manual workload.
KYB checks include screening sanctions lists, global watchlists, PEPs lists, adverse media, collecting company details, establishing corporate structure, verifying corporate data, and applying a risk-based approach. The solution also performs automated AML checks applicable to more than 190 countries.
For individual customer verification, the solution includes KYC checks that include video verification where necessary. Enhanced due diligence may be required based on jurisdiction and legal entity type.
KYB is legally mandated by national AML laws, EU Money Laundering Directives, and Financial Action Task Force (FATF) recommendations. Fraud prevention and regulatory compliance are the main reasons for KYB checks.
In summary, Sumsub's KYB solution is a powerful tool that automates the verification process, reduces costs, and ensures compliance with AML regulations. By providing access to extensive data and automated checks, it helps businesses mitigate financial crimes and maintain a secure and compliant environment.
[1] Investopedia. (2021). Know Your Customer (KYC). [online] Available at: https://www.investopedia.com/terms/k/knowyourcustomer.asp
[2] Investopedia. (2021). Know Your Business (KYB). [online] Available at: https://www.investopedia.com/terms/k/knowyourbusiness.asp
[3] AML RightSource. (2021). KYB vs KYC: What's the Difference? [online] Available at: https://www.amlrightsource.com/blog/kyb-vs-kyc-whats-the-difference/
[4] AML RightSource. (2021). KYC Processes and Procedures. [online] Available at: https://www.amlrightsource.com/blog/kyc-processes-and-procedures/
Technology plays a crucial role in Sumsub's Know Your Business (KYB) solution, as it automates essential steps of the verification process, thus streamlining the onboarding for businesses and individuals. The solution utilizes a customizable widget and Web SDK to collect necessary data, ensuring efficiency and user-friendliness. (Sumsub's KYB solution, Investopedia's Know Your Business definition)
Sumsub's KYB solution delivers a comprehensive suite of features that includes technological advancements, such as KYC checks, automated check levels, in-depth investigations, report generation, access to data on over 200 million companies, and an average processing time of just 3 hours. (Sumsub's KYB solution, Sumsub's KYB solution's features)
In summary, the technology employed in Sumsub's KYB solution serves to automate and enhance the verification process, reduce costs, ensure regulatory compliance, and mitigate financial crimes. (In summary, Sumsub's KYB solution)
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