Financial crime intelligence company ComplyAdvantage has announced the launch of a Know Your Business (KYB) verification solution with flexible risk scoring. Amongst the biggest challenges faced by regulated and non-regulated companies is assessing whether a business is safe to work with, and current approaches rely on manual research across multiple siloed sources.

This process is time-consuming and doesn’t enable the holistic overview required to make an informed decision. ComplyAdvantage sought to address this long-standing issue, and its KYB solution helps automate the verification, making it increasingly fast and easy to manage risk exposure, while increasing the customer base. As such, any company is enabled to confirm the legitimacy of a business customer in an expedited and efficient manner, minimising risk.

ComplyAdvantage and capabilities of its KYB solution Per a statement provided in the press release by ComplyAdvantage Chief Product Officer Oliver Furniss, business accounts present a massive growth opportunity for most companies, yet onboarding and monitoring them is both time-intensive and inefficient for their analysts. The spokesperson said that the new KYB solution offers the data and insights required by their customers to make informed decisions faster and manage risks more effectively. ComplyAdvantage’s KYB solution includes the following capabilities: Automated Process.

Presently, companies such as banks spend typically as much as 14 days carrying out the necessary background checks when opening a business account. By having most of this process automated, KYB by ComplyAdvantage helps decrease the time needed for manual research, as once the company creates a new profile, the service automatically checks the name against business registries and fills in all the key information about the business executives. What is more, adverse media tools are available for additional research on high-risk individuals. Flexible Risk Weightings.

To accurately assess business risk, companies are required to research numerous variables, ranging from the age and location of the business to its industry vertical and governance. ComplyAdvantage helps administrators create various risk profiles easily and tailor them to their risk policy. By offering a flexible configuration that can populate and update automatically, the company frees up analysts of micro-assessments, enabling them to focus on overall rating, prioritising their time and efforts on higher-risk businesses and processing those at a lower-risk quickly, thus creating efficiencies. Dynamic Risk Scoring.

ComplyAdvantage’s KYB service includes 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, the process oftentimes burdens banks and financial institutions with valuable resources and exposes them to potential risks due to critical changes in management that were missed. Commenting on the capability, a Comply Advantage official advised that banks and other banks leveraging Dynamic Risk Scoring are enabled to improve the speed, accuracy, and efficiency of their business onboarding operations, bolstering overall operations, and reinforcing the extensiveness of the financial system.

As per the press release information, KYB by ComplyAdvantage is currently available in the US, with additional regions set to be added in 2024. .