back Back

ComplyAdvantage launches KYB verification with flexible Risk Scoring

By Gloria Methri

July 21, 2023

  • AML Screening
  • Complyadvantage
  • Financial Crime Mitigation

ComplyAdvantage, Risk Management, Anti-Money Laundering, Fraud Prevention, Risk Scoring, KYB, USAComplyAdvantage, the financial crime intelligence expert, has launched a new Know Your Business (KYB) solution that automates the process, making it faster and easier to manage risk exposure while growing the customer base.

Currently, companies like banks typically spend at least 14 days conducting the necessary background checks when opening a business account. By automating most of the process, KYB by ComplyAdvantage reduces the time needed for manual research.

Once the company creates a new customer profile, KYB automatically checks the name against business registries and fills in all the key information about the business executives. Adverse media tools are available to further research high-risk individuals.

ComplyAdvantage Chief Product Officer Oliver Furniss said, “Business accounts present a tremendous growth opportunity for most companies, but onboarding and monitoring them is hugely time-intensive and inefficient for their analysts. Our new KYB solution provides the data and insights our customers need to make informed decisions much faster and manage their risks more effectively.”

ComplyAdvantage has made it easy for administrators to create a variety of risk profiles and tailor them to their risk policy. By providing a flexible configuration that can populate and update automatically, ComplyAdvantage relieves analysts of micro-assessments so they can focus time and efforts on higher-risk businesses and quickly process those that are lower-risk, creating efficiencies.

KYB by ComplyAdvantage features a dynamic risk scoring feature that automates the risk management process whenever changes occur in a business customer’s ownership, credit rating, trading amounts, or directorship/governance. Traditionally a manual task, this process often burdens banks and financial institutions with valuable resources and exposes them to potential risks due to missed critical changes in management.

Furniss emphasized the impact of dynamic risk scoring, “Banks and other companies leveraging Dynamic Risk Scoring significantly enhance the speed, accuracy, and efficiency of their business onboarding operations, bolstering their overall operations and reinforcing the robustness of the financial system.”

KYB by ComplyAdvantage is currently available in the United States. Additional regions will be added in 2024.

Previous Article

July 20, 2023

TerraPay partners with Safaricom to enhance cross-border payments

Read More
Next Article

July 21, 2023

Nav acquires Tillful to accelerate data platform development

Read More

IBSi Daily News Analysis


July 19, 2024

AML Screening

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 23, 2024

Finastra & CredAble team to offer supply chain finance to banks globally

Read More

July 23, 2024

Careem Pay expands remittance services with near-instant transfers to the Philippines

Read More

July 22, 2024

5 FinTechs boosting Wealth Management in the USA

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024