The KYB, a leading provider of Know Your Business compliance solutions, has just made an exciting announcement that is sure to impact businesses and industries around the world. The company has expanded its operations to over 250 countries in response to the increasing demand for its services. This expansion aims to empower international businesses by forming secure and trusted B2B partnerships.
The impact of money laundering on the global economy is significant, with the United Nations reporting that 5% of the world’s GDP, amounting to $800 billion, is laundered annually. This damages the financial sector, hinders tax collection, and promotes corruption, making it difficult for legitimate businesses to compete and grow. In response to these challenges, governments worldwide are imposing strict regulations on KYB verification to detect shell companies and prevent illegitimate alliances.
The KYB helps global businesses verify their clients’ legitimacy using various security measures. It utilizes the registry screening method to scan entities from over 250 government databases, making it easy to identify high-risk clients. The platform supports all major corporate verification checks, from KYC to identifying the ultimate beneficial owners of a business, fostering trusted and secure partnerships.
Ilma Faljic, Marketing Executive at The KYB, highlighted the importance of building trust among businesses and eradicating fraud from the industry. She emphasized the risks associated with partnering with illegitimate companies and the need for a dedicated platform for corporate verification.
The key features of The KYB platform include Business Information Collection, Business Verification, Risk Assessment, UBO Identification, Perpetual KYB, and Centralized Report. Businesses can enter a client’s details to perform comprehensive KYB authentication, backed by 250+ government registries for a secure and trusted screening process. The platform also incorporates MLROs to cross-check data and ensure accurate results.
The KYB is committed to providing business verification services to help financial institutions and other businesses mitigate fraud risks, enable secure transactions, and strengthen trust in the digital landscape. With headquarters in Sussex, England, The KYB sets itself apart with AI-driven precision, offering real-time AML screening, business verification, and fraud prevention for unrivaled business compliance.
The expansion of The KYB’s operations demonstrates its dedication to meeting the growing demand for reliable and efficient KYB compliance solutions. This move not only empowers businesses to form secure partnerships globally but also plays a crucial role in combating money laundering and promoting a fair and transparent business environment. The KYB’s commitment to providing trusted and secure verification services reflects its mission to build trust and eliminate fraud from the industry.
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