As a B2B domicile company, we understand the risks surrounding transacting with businesses you know little or nothing about. Regardless of how profitable establishing a business relationship may appear, a breach of AML laws may cost your company at least twice the profit in fines. Additionally, compliance officers and top executives can potentially bag jail terms.
In a nutshell, you have to be careful about the companies you enter a business relationship with or it might cost you dearly.
This has played out recently as global banks like AmBank and ABN Amro have been slapped with $700 and $574 million fines in 2021. Two fintech executives and a manager at Ping Express also recently received jail terms for breaking AML laws in the US.
We, first hand, understand the importance of verifying a business and the potential repercussions of not and we have built a solution to simplify the process for businesses.
We are excited to announce our latest service - the Youverify Global Know Your Business (KYB) solution - to help you take care of your business verification compliance needs while you focus on running and growing your company.
Understanding the Youverify Global Know Your Business (KYB) Solution
Essentially, the Youverify global KYB Solution allows you as a business to verify the legal existence and information of companies globally. Our platform is connected to global data sources from countries around the world, including the US, India and Canada.
What Information Can I Check with the Youverify Global KYB Solution?
The advanced search provides customers with extensive information on the company which includes:
- Company Information
- The total shares value of the company
- A breakdown of the value of the shares for all individual shareholders, while also highlighting the person(s) of significant control
- All the Key personnel associated with the business and their designation
- Other associated companies of key personnel
- Affiliated companies
- Company history and Filings
If you have any questions or require further clarification regarding any of our services, please contact us @ support@youverify.co.
Why your Business Needs the Youverify Global KYB Solution
The Youverify global KYB Solution helps you establish a business's legitimacy and its beneficial ownership. This way, you can adequately assess the risks they pose and take preventive measures or completely cut ties with them depending on their legal standing and AML sanctions.
The Youverify Global KYB solution helps your business achieve the following:
- See in real-time, relevant updates to the registration of a company - including the newest board members.
- Verify the legal existence and details of beneficiaries of the company. This gives you a deeper view of their affiliations for a more elaborate risk assessment.
- As a B2B business, it helps you understand who you are dealing with better.
- It gives Youverify a wider reach. Global coverage means you don’t have to use several data sources when performing company searches in different countries and jurisdictions across the globe.
Bottom Line
Our latest global KYB service provides a platform integrated with multiple data sources, allowing you to perform global verification and make real-time customer onboarding decisions in line with compliance. This solution is available via API portal and on our enterprise platform, YV OS.
If you have questions or require further clarification regarding the Youverify global KYB solution or any of our services, please contact us @ support@youverify.co.
See how 100+ leading companies use Youverify for global KYB screening of businesses for compliance and real-time risk detection. Request a demo today.