As an AML superhero, you know that Know Your Business (KYB) is a critical process for staying compliant with anti-money laundering (AML) regulations. But how can you streamline the process and perform KYB like a pro?

In this blog post, I’ll share some tips on how to use the Vespia Platform to verify business customers and stay AML compliant with ease.

The six steps of Know Your Business (KYB)

At Vespia, we divide KYB into a six-step process that begins with verifying the company’s information and ends with monitoring. Here are the six steps to follow:

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Step 1: Verification of company information

Firstly, ensure that the company exists and is registered.

Step 2: UBO and Shareholder discovery

Identify the founders, shareholders, and ultimate beneficial owners (UBOs) of the company.

Step 3: PEP, Sanctions, Adverse media screening

Run the most important entities inside the company against AML lists to check for any red flags.

Step 4: ID check of founders and representatives

Verify the identities of the founders, UBOs, and representatives.

Step 5: Risk assessment and decision making

Assess the risks, taking into account your own risk appetite.

Step 6: Monitoring

Regularly review your business relationships to ensure they remain compliant and aligned with your risk appetite.

Verify Your Business Like a Pro with Vespia Dashboard

With Vespia Dashboard, these steps are made simple. Log into Vespia Dashboard to see a view of all your verifications and their status. To start a new verification, enter the company name and country and get a report instantly.

Our global coverage ensures that no matter where the company is located, you'll get the information you need. And with features like PEP and Sanctions screening, identity verification, and Vespia labels for risk assessment, you can perform KYB with ease.

Our compliance team is always available to offer support and a second opinion, ensuring that you stay on top of your AML/ KYB compliance game.

Finally, Vespia Dashboard makes documentation easy. With just a few clicks, you can download a PDF report for full documentation in case of regulatory inquiries.

In short, Vespia Dashboard is the ultimate tool for performing KYB like a pro.

Ready to streamline the process and perform KYB like a pro? Talk to our experts, and stay informed and compliant!

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