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These checks help firms to assess the suitability
of an individual or business – prior to the official onboarding process. KYC
and KYB checks will also identify any politically
exposed persons, persons of
significant control, or ultimate
beneficial owners – all of which would be classed as high risk
customers. If a firm does decide to go into business with a client or customer
that poses a greater risk, they’ll need to adjust their approach in line with this.
That might mean performing enhanced due
diligence, or having more comprehensive ongoing monitoring,
to keep tabs on any change in status.
Also known as customer due
diligence – KYC and KYB checks effectively enable a company
to verify the identity of a client or customer. To do this, the firm will need
to obtain crucial details about the individual or business, to cross reference
against other reputable sources. As you’d expect, the information required inevitably
varies according to whether it’s an individual person or a business that’s
it comes to KYC vs. KYB, the key difference is in the information needed to
verify identity. If you’re carrying out KYC checks, you’re verifying the
identity of an individual, so you need access to details like their full name,
date of birth and address.
KYB checks verify the existence of a business. To do this, you’ll need to confirm
that the firm is registered with Companies
identify any persons with significant control, as well as ultimate beneficial
owners. You may also need to examine the company’s annual returns and
regulated businesses perform KYC and KYB checks manually, by requesting
physical copies of ID documents, such as passports and driving licenses, then cross-referencing
these details against sanctions and PEP lists.
an automated system from a reputable KYC provider is not only quicker, but also
more reliable, as there’s no margin for human error as with manual checks, and
no stone is left unturned.
SmartSearch, we perform automated KYC and KYB checks using the Dow
Jones Watchlist– an international database made up of over 1,100 lists worldwide. This
database contains extensive profiles on both individuals and businesses, which
are updated every day for maximum accuracy.
fact, our full-service electronic AML platform cross-references the details
provided against multiple data sources, including Companies House, Experian, and
Equifax, as well as Dow Jones PEP and sanctions lists. This system enables us
to provide a pass or fail result for the identification of an individual or
business, within a few seconds.