ComplyAdvantage Announces Launch of New KYB Solution

ComplyAdvantage, a global data technology company transforming financial crime detection, announced the launch of a new KYB (Know Your Business) solution designed to help organizations assess cooperative security and automate risk management processes.

By automating most of the process, KYB by ComplyAdvantage will reduce the time required for banks, brokers and other financial services firsm for background checks when opening a business account. The regtech firm added that, once the company creates a new customer profile, KYB automatically checks the name against business registries and fills in all the key information about the business executives.

In addition, the KYB solution features a dynamic risk scoring, which automates the risk management process whenever changes occur in a business customer's ownership, credit rating, trading amounts, or directorship/governance..

Oliver Furniss, Chief Product Officer at ComplyAdvantage, said: "Business accounts present a tremendous growth opportunity for most companies, but onboarding and monitoring them is hugely time-intensive and inefficient for their analysts. Our new KYB solution provides the data and insights our customers need to make informed decisions much faster and manage their risks more effectively."

ComplyAdvantage's KYB solution is currently available in the United States and is expected to be rolled out to more regions in 2024.