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Each business in our database of over 15M+ businesses has an extensive breakdown of key information. This allows you to make informed decisions in real time. One of the most important features is monitoring along with Digital AML. The monitoring feature gives you real-time alerts on any business you choose to add to a portfolio. Digital AML provides a broader level of compliance with the ability to check UBOs and directors for PEPS and Sanctions. The benefits of the RFA platform are limitless in a sense that we are constantly striving to update and advance our technologies.
Click through to find out how SMEs to enterprises can use Red Flag Alert for kyb compliance.
Search the company you want by name or registered company number.
Discover information about the company and individual actors. Toggle through the financial data and take note of financial health score and directors.
Create a portfolio of companies or individuals to monitor, and always be alerted in real-time of changes.
As AML compliance requirements grow more complex and stringent, understanding the company and people you are actually doing business with is becoming more and more important.
Those who neglect to do this are at risk of being exploited by criminals or punished by regulators.
Red Flag Alert provides world class protection for your business that meets all AML compliance regulations.
Know Your Business or KYB is a complicated topic but is a mandatory procedure for AML-regulated companies. KYB checks consist of the retrieval of a company’s details and due diligence credit checks, corporate structure, identification, and verification of the UBOs, application of the risk-based approach, and adequate responses to high-risk factors. Each case may vary depending on its specifics and jurisdiction.
KYB is mandatory for financial institutions and various other AML-regulated organisations to verify the identities of their corporate clients. The KYB process is mandatory due to it being a matter of legal compliance for the financial sector. If you are not in the financial sector, your business should still use KYB to eradicate financial risk and fraud. Red Flag Alert utilises Digital AML as well as Manuel AML that cross references the information submitted with domestic and foreign databases. The Digital AML provides where compliance is necessary and preventing the risk of dealing with sanctioned clients.
Know your business (KYB) are the checks that a firm carries out in order to verify the companies and suppliers they deal with. This is the due diligence review of an organization to help you make informed decisions and verify the legitimacy of a corporate client.
KYB obtains and verifies essential information about the companies they are dealing with; organisations can ensure that every business being onboarded is legitimate and not ultimately funding criminal activity of any kind. This also looks at the financial health and the UBO’s of the company. Examining how organisations are set up and the individuals involved can help compliance teams to minimise the risk of their company inadvertently being linked with fraud or any other criminal activity. It is important to note that KYB is not a once off check. It is an ongoing process that must be revisited fairly regularly, depending on the level of risk deemed applicable to each individual client once onboarded.
KYB and KYC are due diligence checks and effectively allow a company to verify the identity of a client or customer. The key difference is lies in the information that is needed to verify identity. KYC checks verify the identity of an individual where details like their full name, date of birth and address are vital. KYB check the existence of a business as opposed to an individual. Verifying their registration, identifying UBO’s and any persons of significant control. This also includes looking at the financial health of the business.
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