UK-based AML and online fraud prevention startup Sumsub has launched its Know Your Business (KYB) solution, which offers new identity verification plans for B2B customers.
Sumsub says its new product allows enterprises to maximise their B2B onboarding in a fully automated, data-driven, compliant and risk-free manner. It dramatically reduces the complexity, resources, time and manual processes currently experienced by businesses while managing their KYB relationships.
Know your Business, the process that validates the identity of an entity, is increasingly recommended for institutions in the financial industry. Like KYC, KYB checks are mandatory for many firms dealing in mobile payments, online banking, crypto marketplaces and crypto services.
Sumsub’s newest solution combines premium KYB data services, an anti-fraud engine, automated workflows and a centralised view of verifications, corporate structures, documentation and more. The startup already helps companies onboard online clients and comply with AML/KYC regulations with AI-driven identity verification tools.
Sumsub’s business model is based on adjusting verification and identification services to global compliance requirements, including the European Banking Authority (EBA). Businesses can perform granular business underwriting worldwide as its methodology follows FATF recommendations—the international standard for AML/CTF rules.
On the regulatory front, Sumsub’s offering helps firms safeguard their reputation and avoid penalties if they fail to perform KYB checks. They can choose from pre-built options and automate processes, or manually customize one to meet their unique verification flows and specific compliance needs.
Comemnting on the news, Tony Petrov, Sumsub’s Chief Legal Officer, said: “Just recently we witnessed several high-profile incidents that revealed fundamental inadequacies in the procedures of onboarding of legal entities. This problem affected even the giants, such as Credit Suisse. Indeed, the vast majority of obliged entities already use modern technologies and solutions when they onboard individuals; this is the new normal. But when it comes to KYB we still see manual work and mistakes that are absolutely normal for and inherent to the human factor. Some of these mistakes may be innocent but others may open the door to huge money laundering schemes and ruin reputations of transnational financial businesses and even countries.”
He continues: “Some time ago our existing clients identified this risk as a problem and asked us whether we could extend our current ecosystem to include automated onboarding of legal entities as well. And we did it. Now we see that the demand for KYB is growing day after day; international policymakers like EBA are mentioning KYB among the recommended innovative technologies. We are welcoming the global demand to make legal entity checks a really meaningful part of due diligence procedures.”