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ComplyAdvantage launches KYB verification with flexible Risk Scoring

By Gloria Methri

July 21, 2023

  • AML Screening
  • Complyadvantage
  • Financial Crime Mitigation
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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.

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