What is KYB compliance?

Know Your Business (KYB) compliance requires businesses to collect vital information about the partners associated with their business and check if they are complying with AML regulations. Organizations need to check if their funds are being used by business owners, shareholders and partners for money laundering.

To do this efficiently, KYB regulations are set in place. KYB verifies the company's potential customers, corporate information, and personal information of the leadership team.

What is KYB Compliance?

To do this efficiently, KYB regulations are set in place. KYB verifies the company's potential customers, corporate information, and personal information of the leadership team.

Domestic and international KYB with DIRO

Verifying and managing all the risks associated with the businesses you work with is crucial to maintain the security of your organization while following compliance regulations. DIRO's document verification technology offers instant document verification of business documents such as bank statements, verification of bank accounts, utility bills, incorporation documents, tax returns, and credit bureau reports, etc. with full global coverage. DIRO also assists with UBO identification and shareholder information. KYB compliance can be made easy with DIRO's real-time document verification solution.

Business due diligence

AML regulations help to enforce Know Your Business (KYB) due diligence. Fulfilling required due diligence asks for a deeper understanding of the ownership of the business you plan to partner with. Identifying and verifying the Ultimate Beneficial Owner (UBO) is a crucial regulatory requirement.

Key Steps for KYB Compliance

1. Document collection

Collection of incorporation documents, bank statements, bank account verification, proof of address, tax returns, credit bureau reports, and UBOs, etc. to reduce the risk of partnering with an organization that could expose your business to financial crimes and money laundering risks.

2. Evaluate submitted information

Improve your KYB compliance and corporate onboarding by utilizing technologies for the assessment of information acquired to mitigate the risk of financial crime and money laundering.

3. Data management

Manage your corporate client's KYC/KYB information and documents using one of the latest technologies or a centralized system to improve the real time checks and changes in regulatory compliance.

4. Perform regular check

It is important to perform regular AML screenings for all business entities that you are partnering with to stay up to date with all regulatory compliance and to detect potential financial crimes.

Enhanced KYB onboarding With DIRO

To improve Know Your Business (KYB) compliance, DIRO’s technology uses the original web source to capture original documents such as bank statements, incorporation documents, and utility bills. This way you get 100% verifiable credentials to satisfy compliance, external audit, and regulators. The output is a court-admissible document that is provable, reportable, and auditable.

Our technology is able to provide instant document verification so you can complete all the necessary steps of business onboarding without losing time or resources. We offer API integration keys for faster access and an improved real-time customer experience (JSON file).

Instant document verification

DIRO improves your KYC, KYB, and AML compliance and customer onboarding with its instant document verification solution. Our verifiable credentials creates a real-time user experience and saves time and money.

AML screening

DIRO's award-winning document verification solution improves your KYB/AML workflow and authentication of documents. It prevents fake and stolen documents to help comply with AML regulations.

API integration

DIRO’s solution provides API integration for instant and seamless document verification. Using API based buttons, users can authenticate documents with a single click which improves the overall KYC/KYB onboarding workflow and allows for a real-time customer experience (JSON file).

Proof of authenticity

DIRO’s solution provides court-admissible documents (with forensic data) that hold a stronger proof of authenticity than sharing a physical original document in person. DIRO’s verified documents get captured directly from the original web source + impersonation checks, and are 100% verifiable.

Verify documents from the original source

DIRO verifies documents like bank statements, bank accounts, utility bills, licenses, incorporation documents, tax returns, etc. from the original web source. DIRO helps to derisk your business operations and eliminates fake and stolen documents and reduces the risk of money laundering.

Global coverage

DIRO’s award-winning document verification solution is industry and geography agnostic. DIRO can instantly verify any document from any private or government website with user permission.

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