Powerful Know Your Business (KYB) and Know Your Customer (KYC) solution Verify messages against global registries and jurisdictions
Tel Aviv, Israel, February 27, 2024 /PRNewswire/ — AU10TIX, the global technology leader in identity verification and management, today launched an innovative Know Your Business (KYB) solution that enables companies to understand exactly who they are doing business with and avoid potential financial and reputational damage. By integrating KYB with Know Your Customer (KYC) processes, the product can meet all KYB business needs from individual traders to corporates, including KYC for UBOs and associated entities.
Increasingly stringent regulatory requirements are forcing companies across industries to collect and analyze more data about the identities of their partners and suppliers. Companies must also ensure they are not working with unscrupulous businesses involved in identity theft, Fraud, money laundering, terrorist financing or other crimes. However, most available KYB solutions are limited in scope, forcing companies to work with multiple vendors for KYC, counterfeit testing, serial number testing, etc. Fraud detection and other critical capabilities.
AU10TIX’s unified KYB and KYC solution provides comprehensive checks across 200+ jurisdictions and 1000+ government registries in one automated workflow. It can provide a thorough, comprehensive inspection in seconds, whereas other providers take days and rely on unofficial and potentially outdated repositories. The new solution also provides comprehensive analytics and continuous monitoring to ensure business integrity for compliance and risk management.
AU10TIX’s KYB solution is divided into three packages:
- Business verification Enable a fast and efficient Proof of Business (POB) verification process by confirming basic identity details including business name and ID, address, country, registration date and official status.
- Individual business owner verification Extend business verification to verify companies and owners through automated KYB + KYC risk assessment with a single API call.
- Enterprise verification Business validation is extended with several additional benefits and features, including:
- Continuous monitoring to ensure compliance of all entities, detect changes and manage risks in real time.
- Conduct an in-depth KYC risk assessment of all relevant entities, ultimate beneficial owners (UBOs), officers, directors and interested parties associated with the relevant organization.
- Rigorous anti-money laundering screening against sanctions and Politically Exposed Person (PEP) watch lists.
- Seamless AI-based Proof of Business (POB) collection, extraction, verification and registry comparison with added forgery checks.
“Our clients have been asking for comprehensive KYB solutions because of money laundering and Fraud It has become all too common in the corporate world,” said Dan Yerushalmi, CEO of AU10TIX. “Our unified KYB/KYC solution is critical to identifying bad actors and maintaining a safe business environment in 2024.”
Key benefits include:
- Fully automated and unified KYB and KYC processes – Automate end-to-end in one process, increasing speed and accuracy
- Advanced file verification – Artificial intelligence technology quickly and accurately verifies various documents to verify the legitimacy of the business
- Case Management Dashboard – Implement user-friendly management of inspection results
- Comprehensive scoring mechanism— Provides scoring based on advanced algorithms for informed decision-making and risk measurement
- Single API call for business and personal authentication – Pay only once for KYB and KYC record checks, reducing costs
- Global coverage – Provides insights into ownership structures in over 200 countries
In addition to this new business, AU10TIX will also address Fraud Through joint webinars Tuesday, March 5 exist 11:00 a.m. ET. AU10TIX and Frost & Sullivan will host a conference on “disruption” Fraud Artificial Intelligence: Actionable insights for effective combat Fraud” Sign up here to learn more Fraud Detection and prevention.
About AU10TIX
AU10TIX, the global leader in identity intelligence, headquartered in Israelwhose mission is to eliminate Fraud and further build a safer and more inclusive world. The company provides critical modular solutions to authenticate and connect physical and digital identities so businesses and their customers can connect with confidence. Over the past decade, AU10TIX has become the preferred partner for customer onboarding and customer verification automation for major global brands, and continues to work on the future of identity’s role in society. AU10TIX’s proprietary technology delivers results in 8 seconds, allowing businesses to engage customers faster while preventing Fraud, meet compliance requirements and, more importantly, promote trust and security. AU10TIX is ICTS International NV (OTCQB: ICTSF).For more information, please visit AU10TIX.com.
SourceAU10TIX
