13 Oct 2022

KYC-Chain’s Instant Company Structure Visualization: Cutting-edge Corporate KYC

Corporate Know Your Customer (KYC) processes – sometimes referred to as Know Your Business (KYB) – are a subset of KYC that is focused on understanding corporate customers and their identities. 

KYC and Corporate KYC form the foundation of Anti-Money Laundering (AML) protocols and regimes: the first step to preventing money laundering and other financial crimes is to have a clear and accurate view of the parties involved in financial transactions. 

While KYC processes are designed to verify who an individual is before allowing them to access financial or other services with a money laundering risk, Corporate KYC is designed to first and foremost understand and verify aspects such as:

  • Where a business is registered and active
  • What kind of activity it is involved in
  • Its relationships with other businesses, affiliates and subsidiaries
  • Who its Ultimate Beneficial Owners (UBOs) and shareholders are

As a result of the multi-dimensional aspects that need to be taken into account as part of a Corporate KYC process, it tends to be more complex to carry out than individual KYC – and as a result, more difficult for in-house human compliance teams to realize. 

This means that many smaller financial institutions and Virtual Asset Service Providers (VASPs) may not have adequate resources to scale into B2B relationships, ultimately limiting their prospects for growth and success. 

In parallel, failing to adequately carry out effective Corporate KYC on corporate clients can lead to much higher levels of risk for businesses. These include being exposed to less obvious forms of financial crime, as well as money laundering networks that are processing fund amounts of an order that is much higher than those typically laundered through individual accounts. 

These issues make the need for effective, efficient and affordable Corporate KYC processes even more pressing in today’s stringent national and global regulatory environments. 

Instant Corporate Structure Visualization with KYC-Chain

KYC-Chain’s constantly-expanding technological toolset for carrying out both individual and corporate KYC now includes instant corporate structure visualization tool. 

Our end-to-end workflow solution now allows our users to visualize all entities’ relationships across applications and roles, via a fully dynamic, on-the-fly company structure chart - aka an organigram. 

This system allows for the visual identification of any anomalous or suspicious behavior across corporate structures, as well as the corporate and jurisdictional reach and check the ultimate beneficial owners (UBOs) of an entity being assessed.

The feature can be applied on any corporate entity type being assessed through the KYC-Chain portal. Doing so can reveal the entire network of related parties and entities, including affiliates, subsidiaries, company directors and UBOs – all within a matter of seconds. 

Company principal / shareholder organigram

The precise data categories that are revealed through the feature are predetermined by users, allowing in-house compliance teams or professionals to assess different entities according to their risk profiles. Our system is designed with high levels of flexibility and variable inputs, allowing for a vast range of different entity types and situations to be analyzed in detail. 

This module also provides a very powerful "bird's eye view" – allowing users to view the various relationships and interactions of an entity in detail across its entire corporate network. This allows users to instantly view the various risk levels that they are exposed to through the multiple relationships of an entity across corporate structures.

Looking for an efficient, scalable and secure Individual and Corporate KYC onboarding solution that can meet all of your compliance requirements? Get in touch and we can tell you more about how KYC-Chain can work for you.

Any Questions?

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