Sybrin simplifies business verification, onboarding for banks

Know your business.

---

By leveraging advanced technologies and a deep understanding of regional compliance requirements, Sybrin is helping financial institutions to navigate the complexities of business verification with ease, helping banks to build trust, ensure transparency and mitigate risk in their dealings with business clients. 

In the complex world of compliance, ‘know your customer (KYC)’ has long been a critical component for businesses looking to establish trust, mitigate risks and meet regulatory standards. While KYC has become a familiar practice for verifying individual identities, the next frontier of compliance, ‘know your business (KYB)’, remains a significant challenge, one that many financial institutions are still struggling to navigate effectively.

While KYC focuses on the verification of individuals, KYB delves deeper into the complexities of business structures. From financial flows to ownership intricacies and dynamic regulatory landscapes, KYB involves evaluating the entire company structure and its ownership, including the identification of ultimate beneficial owners (UBOs) – individuals who retain significant control over a business. This makes KYB far more complicated than its individual counterpart.

The complexities of KYB also present significant development challenges, including data complexity and entity resolution, ownership transparency and a lack of standardisation in the industry. This gap in the market has made it challenging for financial institutions to implement effective KYB processes, leaving them vulnerable to compliance and financial risks.

Recognising the complexities involved, Sybrin has an advanced system to simplify and expedite the KYB process. As part of its digital onboarding product set, Sybrin’s built-in KYB capability addresses the unique challenges of business entity verification, providing banks with the tools needed to navigate this complex landscape with ease.

Sybrin's KYB portal streamlines business onboarding by centralising document collection for legal entities and performing KYC checks on directors – screening both them and the business while managing exceptions – whether they arise from identity verification or from potential screening matches. Banks get a single, controlled workflow that accelerates decisions while maintaining rigorous compliance.

Sybrin also automates the third-party data collection process, pulling data from various public registries and financial databases to create a comprehensive view of the business. This integration helps banks keep an eye on ownership changes, financial health and regulatory compliance – ensuring continuous updates and risk assessments.

Additionally, Sybrin employs intelligent document capture technology to streamline data extraction, boosting efficiency and enabling businesses to verify information against third-party registries and databases. Once the UBOs are identified, both the business entity and its directors continue through a unified KYB workflow that includes comprehensive identity verification, facial comparison and liveness detection – all within the same system.

For businesses with unique needs, Sybrin offers customisable solutions, allowing them to tailor the verification process to their specific requirements, ensuring flexibility and scalability in compliance efforts. 

"As businesses continue to expand on an international level, navigating the complexities of KYB can be daunting. However, Sybrin’s solution simplifies the process, by speeding up data collection from local third parties, improving visibility and enhancing the overall efficiency of the KYB process," says Barrie Venter, Product Manager at Sybrin.

For more information on how Sybrin can help streamline your KYB processes, contact: www.sybrin.com/contact.