Anti-Money Laundering compliance requires that banks and other financial institutions perform a due diligence process to verify the information of their potential clients to prevent money laundering and fraud. If the client is a person the process is called Know-Your-Client (KYC), if is a company the process is called Know-Your-Business (KYB).
Manually verifying commercial and financial information for every new client could take a lot of time and resources. Even with an extensive research, how can we be sure that we comply with every legal requirement? The best way to protect yourself from high risk customers, guarantee transparency and security of transactions in a fast and effective way is to incorporate a semiautomatic KYB onboarding process that can be auditable.
NeoCheck Onboarding KYB solution provides automatic and real-time verification thanks to our extensive databases of various official international sources, business registers and AML control lists. Digitize workflows securely and reduce fraud risks by simply integrating NeoCheck’s API. Our complete KYB onboarding process brief, 100% guided and takes less than 15 minutes to be completed in normal circumstances. Manual review module is available for exceptions. Your clients can complete the process from any device: computer, tablet or mobile phone. You can integrate through our API or even embed our plugin with the standard process.
Thanks to our alliance with Microsoft we are fully scalable. Security is endorsed by Microsoft Azure, where all applicable security standards and protocols in the cloud have been implemented. Our completed KYB process (including the KYC process of the Ultimate Beneficial Owner or UBO) creates a detailed report of the on the potential client. To comply with the SEPLAC the process MUST verify not only with opensource lists (like sanctions lists), but also with lists of politically exposed persons (PEPs). We have alliance with the best private data bases worldwide.