ComplyAdvantage launches ‘know your business’ solution to improve financial system ‘robustness’

Confirming the legitimacy of new business customers presents challenges for companies of all sizes.To mitigate these challenges, financial crime intelligence firms Compliance Advantages Launched new Know Your Business (KYB) solution.

Currently, assessing whether it is safe to work with another business can be time-consuming and does not always provide the most accurate information to make decisions. Existing methods often rely on manual research across multiple siled sources.

Banks often take up to 14 days to conduct necessary background checks when opening a business account.

The new ComplyAdvantage Know Your Business solution automates processes, allowing companies to manage risk exposure faster and easier while rapidly growing their customer base.

Oliver Furniss, Chief Product Officer, ComplyAdvantage Know Your BusinessOliver Furniss, Chief Product Officer, ComplyAdvantage Know Your Business
Oliver Furniss, Chief Product Officer, ComplyAdvantage

Oliver Furness“Enterprise customers provide tremendous growth opportunities for most companies, but onboarding and monitoring these customers is time-consuming and inefficient for analysts,” said Chief Product Officer at ComplyAdvantage.

“Our new KYB solution gives customers the data and insights they need to make informed decisions faster and manage risk more effectively.”

Once a company creates a new customer profile, KYB automatically checks the name against the company’s registration information and fills in all the key information about the company’s executives.

To accurately assess business risk, companies need to examine many variables, from the age and location of potential business customers to their industry vertical and governance. ComplyAdvantage is designed to make it easier for administrators to build various risk profiles and customize them according to their risk strategy.

Make time for analysts

The solution’s flexible configuration can be automatically populated and updated to reduce the number of micro-assessments analysts must engage in. Instead, they can prioritize their time and energy on higher-risk businesses and quickly dispose of lower-risk companies.

Furniss also discussed the impact of dynamic scoring capabilities included in KYB solutions: “Banks and other companies leveraging dynamic risk scoring significantly improve the speed, accuracy and efficiency of their business onboarding operations, enhance their overall operations and enhance their business The robustness of the financial system.”

This capability automates the risk management process when a corporate client’s ownership, credit rating, transaction amount, or directors/governance changes.

In the past, this often put banks and financial institutions at potential risk of missing out on major changes in management.

ComplyAdvantage’s KYB is currently available in the United States, with plans to add more regions in 2024.

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from Tech Empire Solutions https://techempiresolutions.blogspot.com/2024/02/complyadvantage-launches-know-your.html
via https://techempiresolutions.com/

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