AsiaVerifyis pleased to introduce its Know Your Business (KYB), Know Your Customer (KYC), and Ultimate Beneficial Owner (UBO) processes, which are effective in providing transparency, allowing businesses to minimize risk to make informed decisions, and maximize potential in Asian markets.
Establishing Know Your Business (KYB), Know Your Customer (KYC), and Ultimate Beneficial Owner (UBO) are critical steps for conducting business within Asian markets. They’re essential for avoiding financial crimes and conducting due diligence.
The Financial Action Task Force (FATF) defines UBO as the person(s) who ultimately owns or controls, either directly or indirectly, an entity and on whose behalf transactions are being conducted. It also includes control over a person or arrangement, and shareholders owning a 25 percent interest. The risk of inadvertently running afoul of financial crime laws is very real.
Exploitation of complicated corporate structures can occur in an effort to avoid scrutiny by regulatory entities. To combat this, FATF initiated tougher, global standards and decreed that pertinent authorities have access to accurate and the most current data possible. Multiple nations have expanded the scope of entities that fall under FATF standards including India and Singapore.
Determining UBO can be extremely difficult in Asia due to linguistic and cultural diversity, and varying data standards. Family-owned businesses, those that are state-controlled, huge conglomerates, and affiliates can further complicate identifying UBO. A full 40 percent of foreign affiliates possess passports from countries different to their country of origin.
AsiaVerify removes language barriers with intelligent translations through natural language processing (NLP) in real time. It also eliminates the problem of different registry requirements across the region. AsiaVerify is well-known for the accuracy, quality and currency of its data within the APAC region. Automated access to translated records of more than 350 million companies and over 1.4 billion individuals are available.
The company’s proprietary software reduces UBO blind spots, enabling clients to conduct commerce with confidence. All entities are expected to conduct due diligence and AsiaVerify provides the means to do that. Information is obtained directly from the source to efficiently untangle and view complex relationships. Clients can clearly see the audit trail.
The award-winning solution available at AsiaVerify is specifically designed to empower businesses. AsiaVerify enables clients to unlock the potential available in Asian markets.
About AsiaVerify
AsiaVerify is a RegTech company, incorporated in Singapore, focused on building an automated, simplified and streamlined solution for risk mitigation and compliance systems in an effort to increase trust and safety when you are doing business in Asia. AsiaVerify provides an online platform with access to the most legally authoritative and compliant sources, to instantly verify businesses, consumers and shareholders online.
Media Contact
Company Name: AsiaVerify
Contact Person: Ficoal Dong
Email: Send Email
Country: Singapore
Website: https://www.asiaverify.com