As any financial institution and other industries know, doing business with other companies can sometimes be tricky. The fight against money laundering, mixed with the need for efficient processes, isn’t always easy. That’s why Ondato wants to provide the best Know Your Business (KYB) solution on the market that can take care of the needs of companies in the industry. While we provide KYB solutions to many companies all around the world, today we’re delving deeper into how KYB looks in Poland.
What is Know Your Business?
Know Your Business or KYB is an Anti-Money Laundering (AML) process focused on business relationships. Any company that deals with business clients is legally obligated to perform checks and ensure their business relationships are compliant.
Know Your Business includes several checks like Ultimate Beneficial Ownership (UBO) identification, background checks and identity verification for representatives of the business, and document validation with the use of global government registries.
What are the Benefits of Know Your Business?
In addition to being a legal requirement, Know Your Business processes do bring a few benefits that help protect businesses.
- Helps avoid fake companies. An extensive process allows you to identify whether a potential business partner is a legal or shell company.
- Analyses the level of risk a client may pose. As it’s incredibly important to be aware not just of current criminals but of people who are more likely to commit money laundering, a good KYB process allows you to monitor your clients based on the level of risk they subject you to.
- Protects reputation. Nothing brings a company’s reputation down faster than partnerships with corrupt business owners. As customer trust is directly related to how well a business performs, this is incredibly important to any company.
- Ensures compliance. It’s important to remember that non-compliance is expensive. For example, our data shows that major financial institutions operating in Europe spend over 14 million euros on AML expenses.
- Combats money laundering. KYB processes help stop any criminal activity that could affect both the business involved and the market in general.
How does Ondato’s KYB Process Look in Poland?
At Ondato, we want to provide you with a 360 view of your business clients to ensure both AML compliance and safe practices.
With the release of our Know Your Business solution in Poland, companies in Poland can now enjoy the full AML solution package in one place. As our plans are highly customizable, this can include anything from the Know Your Customer (KYC) process to Virtual Branch solutions.
As for KYB specifically, we offer everything companies need: extensive processes that ensure you can identify the Ultimate Beneficial Owner (UBO), background checks for all representatives, verification of the legitimacy of any provided documents, and cross-referencing the relevant registries. We can easily automate the verification process to ensure you save precious resources and can finish onboarding in a timely manner.
We offer interconnected and centralized data from all Polish Business Registers, including the National Court Register (KRS), Beneficial Owner Register (CRBR), Central Register and Information on Economic Activity (CEIDG), and National Official Business Register (REGON).
In addition, all data is up-to-date and covers over 3 million business entities in Poland, including Sole Traders/Entrepreneurs.
For the convenience of your business, automatic discovery of all relevant business information via API is available, including company Directorship, Ultimate Beneficial Owners, Legal Representatives, and detailed Financial Statements.
Our KYB solution is AI-powered and can create an efficient and smooth process both for your clients and your employees without sacrificing accuracy or security.
As we work towards improving our service every day, we also want to make it accessible to as many companies as possible. Businesses in Poland can now enjoy the full AML solution package with Ondato. As KYB is an essential part of protecting your company and its clients, our Know Your Business solution is a great place to start.