How automation in KYB compliance is completely restructuring security in fintech

KAUNAS, Lithuania - Sept. 26, 2024 - PRLog -- iDenfy, a Lithuania-based RegTech company, announced new automated features in its Know Your Business (KYB) platform, which will contribute to the company's goal to help transform the Fintech industry by revolutionizing the business verification process. As financial crimes and regulatory pressures rise, iDenfy's team focuses on changes in the traditional or manual KYB process, enabling companies to quickly and accurately verify business entities and minimize risks without sacrificing operational efficiency.

The Know Your Business (https://www.idenfy.com/know-your-business-solution/) (KYB) verification process is crucial for companies across various industries, particularly those in high-risk sectors such as fintech, virtual asset service providers (VASPs), iGaming, and forex. KYB involves verifying not only individual clients but also other corporate entities like partners and third-party service providers. This is increasingly important with the rise of AI, which has made financial crimes like money laundering and fraud more sophisticated.

KYB helps ensure businesses are working with legitimate entities, including identifying ultimate beneficial owners (UBOs) who may try to hide behind complex ownership structures. With geopolitical tensions and evolving sanctions, KYB is vital for compliance with Anti-Money Laundering (AML) regulations, protecting businesses from the risks associated with shell companies and other criminal enterprises. iDenfy emphasizes that KYB is more than just a regulatory requirement—it's key to safeguarding against financial crimes and reputational damage.

An automated KYB solution has revolutionized the process, enabling companies to verify legal statuses, ownership structures, and adverse media reports quickly and accurately. iDenfy's platform integrates advanced features like sanctions and Politically Exposed Persons (PEP) screening, ensuring companies are not exposed to fraudulent individuals or entities. Historically, manual KYB checks were prone to errors and inefficiencies, but automation now allows real-time verification, improving both speed and accuracy.

"Our automated KYB solution empowers businesses to conduct thorough due diligence without compromising efficiency. We're proud to offer a user-friendly, reliable tool that keeps companies compliant and helps them operate securely in a rapidly changing regulatory environment," added  Domantas Ciulde, the CEO of iDenfy.

iDenfy's automated KYB platform can be an ideal solution for companies looking for speed, accuracy, and ease of use. iDenfy invites other organizations to try its newly updated KYB platform for free (https://www.idenfy.com/book-a-meeting/), so that businesses can see firsthand how the platform simplifies compliance-related tasks and enables companies to meet regulatory requirements without slowing down the overall onboarding process, as well as reducing operational costs.