Identification verification processes like KYB are critical for the majority of businesses
Cedar Rose has announced the launch of its automated Know Your Business (KYB) solution that is designed to digitize the onboarding process for companies while reducing non-compliance risks. Regardless of the industry, it will allow businesses to leverage on Cedar Rose’s powerful Application Programming Interface (API) to onboard new customers and third parties without friction and improve the customer journey at reduced costs.
Antoun Massaad, the Co-Founder and CEO of Cedar Rose, stated, “In today’s fast-paced world of digitization and automation, businesses can seldom afford the time required to manually conduct detailed verification of potential business partners. However, to meet compliance requirements, these procedures are necessary and must be implemented to the highest degree. Our automated KYB solution utilises ground-breaking new technologies such as AI and machine learning to rapidly parse massive amounts of data. It allows companies to search and verify the authenticity of legal entities against trusted global data and drastically reduces the time needed to conduct business verification. It can quickly flag up any suspicious information that demands further investigation. In addition, the highly accurate system removes the potential for human error, ensuring that nothing important is missed.”
Identification verification processes like KYB are critical for the majority of businesses, including financial institutions, insurance firms, e-commerce companies, etc.
Antoun said, “We already have advanced discussions with key international and regional actors active in the financial and e-commerce sectors in the UAE and GCC region. They understand the dangers associated with inadequate KYB processing. Many businesses may look real on paper, but that information alone is not proof of existence. Adequate KYB procedures find verifiable proof of registration, ensuring that you know exactly who you are dealing with. Automation in this regard becomes even more crucial for companies that hope to secure several business partnerships on a weekly or daily basis.
In addition to standard KYB checks, Cedar Rose offers several additional investigative services that can be used to uncover more detailed information on a business or a person. These include Sanctions Screening, a Politically Exposed Person database (PEP), Adverse Media checks, and the identification of the Ultimate Beneficiary Owners (UBOs) of a company, all of which are available from Cedar Rose with a complete audit trail.
To know more call 04 374 5758 or visit www.cedar-rose.com
Source: Gulf News