Business verification is a 360-degree audit or investigation to evaluate any risk from a financial, legal, operational, or regulatory perspective. It is done before onboarding any business or forming any deal/relationship with the third parties to have prior knowledge of the risks involved. For example, when considering to take business services from another company, it is important to verify them to avoid legal hassles in the long run.
Similarly, ensuring KYB (Know Your Business Verification) is done to validate different kinds of businesses such as vendors, agencies, clients, suppliers, merchants, startups, as well as directors, leadership, and much more. It involves digging through past and present records, conducting reference checks, verifying business credentials, details related to incorporation, directors and financial statements, service and tax registration, and much more.
Evaluating businesses and third parties before onboarding them on different aspects is a complex task. Varying regulations, lengthy verification processes, and diverse identification standards make it difficult to gather up-to-date information for due diligence.
It’s an uphill battle to make the verification process fast and seamless for your partners as well as ensure that only legitimate ventures are being onboarded. You cannot risk your business reputation and profitable returns by associating yourself with illegitimate ventures that are on false fronts for bad reputation, corruption, or money laundering.
A robust method for business verification can validate all relevant facts and save from unforeseen legal troubles in the future. KYB compliance contributes to informed decision-making by providing valuable insights and actionable data to decision-makers. It helps companies to understand the nature of a deal, the type of risks that will be involved, or any other red flag that might need their attention before the association.
There are various reasons why business due diligence is conducted before onboarding. Some of them are mentioned below.
Managing end-to-end business onboarding and ensuring KYB compliance is a complex process that is now easier with AuthBridge’s cutting-edge verification solutions. Our solutions are built on AI-backed technologies like biometric identification, image recognition, and liveness detection enabling business identity verification in real-time. OCR ensures automated form filling and converting physical documents into digital. With continuous risk monitoring and key checks for KYB compliance, we empower our clients with the right security metrics and identify red flags before they become problematic.
Our fast, scalable, and integrable solutions help you onboard vendors, distributors, franchisees, and other third parties/businesses digitally with minimum human intervention. Leverage our AI-powered onboarding journeys to eliminate paperwork, reduce operational costs, and stay compliant with the ever-changing regulation.
AuthBridge is India’s largest background verification company. If you are interested in end-to-end verification and onboarding solutions for your business, share your contact details below.
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