Harnessing the best of KYC and KYB: Managing business verification to ascertain and continuously assess business risk profiles
As Australian businesses continue to navigate the changing financial and business landscape throughout the pandemic, there is an ongoing shift towards digital-first service demand and delivery. This is especially evident among financial institutions (FIs) as a recent report revealed that the banking industry is among the top contributors (30%) of the overall ICT spend in 2021.
Amid the acceleration of digital adoption among FIs across the country, there is increased pressure for businesses to ensure they are meeting industry regulations and compliance requirements while doing so. Earlier this month, Austrac, the Australian regulator that oversees the compliance of more than 14,000 Australian businesses, issued a warning to banks around the expanding landscape for criminal activity in the finance sector.
With the enforcement of ongoing compliance requirements by Austrac and large banks having already undergone scrutiny for compliance failures over the past year, FIs must take a proactive approach in ascertaining the overall risk profile in every business engagement.
What does this entail? Any business aspects that change over time such as ownership, address, phone number, website and industry can contribute to a change in the company’s risk profile. By constantly verifying these factors and evaluating the risk status of all business engagements, FIs can ensure they are meeting the requirements and standards for compliance.
Carol Chris, Regional General Manager for Australia and New Zealand, GBG, recently appeared on TickerTV Australia to discuss GBG’s recent partnership with Simple KYC, to provide FIs with reliable, efficient and secure Know Your Customer (KYC) and Know Your Business (KYB) solutions.
“We see a lot of synergy in the depth of how [GBG and Simple KYC] understand the local market,” Chris tells TickerTV. “Both [GBG and Simple KYC] are serving top-tier banks right through to fintechs...enabling them to support proper onboarding and compliance processes.”
greenID, a homegrown GBG end-to-end digital identity verification solution, has been performing effectively 22 million consumer identity verifications per year for Australian organisations. With the integration of Simple KYC’s proven KYB capabilities into greenID, financial services will be able to conduct risk assessments with the tools to:
To see a demo of GBG consumer or business identity verification, visit:
To read the press release on GBG’s partner announcement of Simple KYC, visit:
To find out more about GBG and Simple KYC’s KYB capabilities, visit:
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