Skip to main content

How to Choose the Right KYB Solutions for You

When it comes to mitigating money laundering risks, ensuring on-going compliance, and digitising client onboarding, an ever-growing number of compliance teams are turning to automated Know Your Business (KYB) solutions.

However, the variety of options available on the market is so vast that it can be hard to distinguish between the capabilities of one type of RegTech provider vs another.

Before starting to contact potential vendors, it is helpful to understand the broad categories the market can be divided into and what requirements each one of them is best positioned to meet.

Broadly speaking, there are four types of KYB solutions on the market...

Company Registry Solutions

Company Registry Solutions are RegTech tools that provide access to various company registries to help compliance teams retrieve specific incorporation documents or corporate data from one centralised location. Company Registry Solutions help regulated businesses verify the legitimacy of companies, but this only represents a small percentage of the steps required during client onboarding.

Static Corporate Databases

These solutions are static databases of company entity data collected from 3rd-party sources such as Credit scoring, self-reported data, marketing databases, etc.  These solutions are used as an additional and potentially cost-effective layer of control, but they are not sufficient to provide documentary evidence of clients’ shareholding structures as required by financial regulations.

Workflow & Digital Compliance Solutions

Workflow & Digital Compliance Solutions are centralised platforms aimed at digitising the entire anti-money laundering (AML) and client onboarding process. They present varying levels of automation and customisation and they usually offer integrations with multiple data sources and customer-facing outreach tools of varying flexibility.

AML Screening Providers

Anti-Money Laundering (AML) screening providers are the companies that maintain the databases of “bad” entities and individuals by manually integrating sanctions and terrorist financiers’ lists, political office holders, court judgments against money launderers, etc. Their service is essential but only addresses part of the AML/onboarding process.

KYB Solution Comparison

The below comparison table provides an overview of the key differences in capabilities across the four identified groups of KYB solutions vs  Know Your Customer’s Modular Compliance technology.

Know Your CustomerCompany Registry SolutionsStatic Corporate DatabasesWorkflow & Digital Compliance SolutionsAML Screening Providers
Real-Time Registry AccessKYC-table-checkKYC-table-check
Documentary EvidenceKYC-table-checkKYC-table-check
Auto-UBO UnravellingKYC-table-checkKYC-table-check
Rest API for Fast IntegrationKYC-table-check
Centralised Compliance PlatformKYC-table-checkKYC-table-checkKYC-table-check
Whitelabelled Customer Outreach PortalKYC-table-checkKYC-table-checkKYC-table-check
On-Going AML Monitoring & KYB ReviewsKYC-table-checkKYC-table-check
No Set-Up FeeKYC-table-checkKYC-table-checkKYC-table-checkKYC-table-check

Ready for the next step?

We would love to show you what Know Your Customer can do for your business.
Please contact us to get a live demo of our best-in-class KYB solutions.

Request a demo