KYB by ComplyAdvantage automates customer onboarding and monitoring

One of the biggest challenges faced by regulated and non-regulated companies is assessing whether or not another business is safe to work with. Existing approaches rely on manual research across multiple siloed sources. This is time-consuming and fails to give the holistic risk overview necessary to make an informed decision.

ComplyAdvantage KYB

To address this long-standing problem, ComplyAdvantage launched of a new Know Your Business (KYB) solution that automates the process, making it easier to manage risk exposure while growing the customer base.

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,” said ComplyAdvantage CPO Oliver Furniss.

Automated process

Currently, companies like banks typically spend as much as 14 days conducting the necessary background checks when opening a business account. By automating most of the process, KYB by ComplyAdvantage dramatically 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.

“As a digital trade finance platform, automated onboarding and efficient KYB is critical for 40Seas. ComplyAdvantage’s KYB solution was really easy to get up and running. With the system we’re able to verify our customers in seconds, improving the customer experience and ensuring we can mitigate risk effectively,” said Igor Zaks, Chief Risk Officer, 40Seas.

Flexible risk weightings

Accurately assessing business risk requires companies to research numerous variables ranging from the age and location of the business to its industry vertical and governance. 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 numerous micro-assessments so they can focus their time and effort on overall rating, prioritizing their time and efforts on higher-risk businesses and quickly processing those that are lower-risk, creating efficiencies.

Dynamic risk scoring

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.

Oliver 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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