Name: Why Your KYB Is Only As Good As Your KYC
Uploaded: 2023-09-07T15:22:24.934Z
Duration: 3403.73

Why Your KYB Is Only As Good As Your KYC.mp4

Trulioo

230613_YT edit_1.vtt

ENGLISH

Good morning, good afternoon, good
evening, depending on where you are.

We are so excited to have you here today.

Our webinar today is called Why Your
K Y B is Only as Good as Your K Y C.

And I'm Colleen Carey, the head
of Product Marketing at Trulio.

You joining me today, we have the
Thephil Russelliah Roby  from Onbe.

Our VP of Product
Management here at Trulio.

Today, we're gonna talk about the
complexity of K Y B, or know your

business and K Y C or know your customer.

The complexity of the regulations and how
a single identity, integrated identity

platform can help you streamline the
process of truly knowing and understanding

both the entity itself and the people
that you're doing business with.

So we're again, thrilled to join,
have you join us, and if you have any

questions during the webinar, please
go ahead and send them to us via the

We will most likely take
questions at the end.

We'll try to insert them throughout,
but we'll most likely take them

at the end and cover as many of
those as we can in the Q&A section.

We're also gonna be live tweeting this
webinar, so you can join the conversation

So we will go ahead and get started Again.

Thank you for joining us, Kiran and Thele.

We're gonna start out
by just characterizing.

The what's happening in the market today.

In 2022  global fines for anti-money
laundering and other financial

So year over year, 2022
fines surge more than 50%.

And what you see here is how
it's broken out by region, where

But I think one of the most
compelling numbers is that since the.

Financial recession of 2008, total
fines for anti-money laundering

and breaching sanctions and K Y C
failings total over $55 billion.

So what this is telling us is that perhaps
all of the regulation that was put into

place in 2008 as a result of the financial
crisis may not actually be curbing.

This type of behavior and this type
of financial crime across the globe.

So certainly something that's
concerning to all of us.

And I think before we get started, I'd
like to get a sense for the folks in,

on the, in the In the audience here,
can you talk to us about how many of

you are doing know your business, K
Y C or K Y B verifications, and know

So if you can go ahead and answer
that question, we will be able

How many of you're doing K Y B
and K Y C verifications today?

A is K Y C only B is K Y, B
only C is K Y, B, and K Y.

So 61% of the folks in the audience
today are doing both K Y B and K Y C.

And that helps us gauge, what we're
going to cover in the presentation today.

But just for the purpose of making sure
we're all on the same page, let's talk

a little bit about what K Y B know your
business or business verification is.

Sort of originally in the old days
it was about, are we meeting global

It was really the stuff of the
legal and compliance departments

What we know is this is a problem
that is very painful, right?

K y b know your business
can be very manual.

It requires, the work of human
intervention, human analysts looking

at data, looking at outdated data,
disparate sys systems, and trying to piece

together an understanding of that entity.

So a lot of the focus has been around
process evolution, moving from very

manual processes to more automated
processes, but under the surface.

There's not just identifying, but
verifying the business entity.

They're the type of business and
whether they're suitable to do business

with verifying beneficial owners,
those that have a significant stake

in the business and can influence
the success of the business.

Doing a m l watch list screenings
for individuals and businesses.

And in the end, what are we trying to do?

We are trying to still provide
a very engaged, compelling user

Business verification
is a complex problem.

So just to be sure that we've got our
terminologies our terminology is similar.

Beneficial owners can be
referred to in many ways.

U Bs ultimate beneficial owners persons
of significant control, and these

are individuals who ha indirectly or
directly have number one substantial

So they may own or control at least 25%
of the interest of the reporting company.

And these can be individuals or
businesses, and that makes things

Are the folks that have
the most to gain from the.

The sort of outcomes or
results of a business.

And that can result in very
different verification processes.

So today we're gonna talk about your
K Y B is only as good as your K Y C.

Finovate Webinars

Expert Insight

In 2022, global fines for failing to prevent money laundering (AML) and other financial crime surged more than 50 percent, totalling over $2B in the banking sector alone. With the ever-increasing complexity of AML regulations and global nature of financial services, financial institutions are investing more resources into compliance and due diligence to protect their businesses. 

Join us for an engaging conversation about the complexity of Know Your Business (KYB) and Know Your Customer (KYC) regulations and how a single, integrated Identity platform can help streamline the process of truly knowing the entity and the people you are doing business with.

In this webinar, you will learn: 

The latest trends in KYB and KYC and how to protect your business
How artificial intelligence can help streamline tedious, manual verification processes
New strategies for verifying people and businesses with an integrated identity platform