By combining KYB with Know Your Customer (KYC) processes, the offering addresses every KYB business need, from sole traders to corporates, including KYC for UBOs and associated entities.

Increasingly rigorous regulatory demands are forcing businesses across all sectors to collect and analyze more data about the identities of their partners and vendors. Companies must also ensure that 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 engage with multiple vendors for KYC, forgery tests, serial fraud detection and other crucial capabilities.

AU10TIX’s unified KYB and KYC solution provides a comprehensive check against 200+ jurisdictions and over 1000 government registries in one automated workflow. It provides thorough and comprehensive checks within seconds, while other vendors require days and rely on unofficial and potentially outdated databases. The new solution also provides full profiling and continuous monitoring, ensuring business integrity for compliance and risk management.

AU10TIX’s KYB solution comes in three packages:

Business Validation enables a quick and efficient Proof of Business (POB) verification process by confirming essential identification details, including business name and ID, address, country, registration date, and official status. Sole Trader Verification extends Business Validation to validate both the company and owner with automated KYB + KYC risk evaluation through one API call. Enterprise Verification extends Business Validation with several additional benefits and features, including:

Continous monitoring to ensure compliance, detect changes, and manage risk in real time across all entitie In-depth KYC risk assessment of all related entities, Ultimate Beneficial Owners (UBOs), officers, directors and stakeholders linked to the organization in question. Robust AML screening against sanctions and Politically Exposed Persons (PEP) watchlists Seamless AI-based Proof of Business (POB) collection, extraction, validation, and registry comparison, with added forgery checks.

“Our customers have been requesting a comprehensive KYB solution, because money laundering and fraud have become far too prevalent in the corporate world,” said Dan Yerushalmi, CEO of AU10TIX. “Our unified KYB/KYC solution is essential for identifying bad actors and maintaining a safe business environment in 2024.”

Key benefits include:

Fully automated and unified KYB and KYC process – End-to-end automation in one flow for increased speed and accuracy Advanced document verification – AI-powered tech quickly and accurately verifies various documents to authenticate the legitimacy of the business Case management dashboard – Enables user-friendly management of check results Comprehensive scoring mechanism – Provides scoring based on an advanced algorithm, for informed decision-making and risk measurement Single API call for both business and individual verification – Reduces cost by requiring only one payment for both KYB and KYC record checks Global coverage – Offers insights into ownership structures across 200+ countries

In addition to this new business offering, AU10TIX will also be addressing fraud through a joint webinar on Tuesday, March 5 at 11:00 am EST. AU10TIX and Frost & Sullivan will host an exclusive session on “Disrupting Fraud with AI: Actionable Insights to Effectively Combat Fraud.” Register here to take a deep dive into the world of fraud detection and prevention.