The Future of KYB Compliance: Embracing automation and real-time insights

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The Future of KYB Compliance: Embracing automation and real-time insights

The widespread availability of technology today is creating exceptional opportunities for firms to digitise their Know Your Business (KYB) processes, offering a path away from traditionally manual and time-consuming compliance tasks. With modern technology’s ability to automate and accelerate the collection, verification and management of crucial data, organisations now have the means to build more efficient, responsive and scalable systems for business verification and other compliance operations.

Are compliance teams tapping into this potential?

Many firms have yet to adopt technology-enabled compliance systems. Gartner’s Future of Compliance 2030 report[1] reveals that a significant portion of compliance and risk management processes are currently manual. Fewer than half (43%) of respondents say they have adequate resources to effectively process and analyse the data collected. This points to an opportunity to adopt technology that can deliver accurate, timely datasets and analytical capabilities, supporting critical business decisions with the most up-to-date and highest quality insights.

Moving forward, the study did identify a growing interest in harnessing technologies that deliver capabilities such as automation and AI-enabled analytics to enhance compliance processes. Close to half (46%) of the organisations surveyed are planning to increase their technology investments in the next year.

Key benefits to be gained include enhanced accuracy, improved compliance and streamlined onboarding for new business partners, as well as cost efficiencies. Analysis by PwC[2] suggests that even a 15% increase in automation could reduce compliance costs by 10% for many companies.

A shift toward automation and real-time data exchange

And looking ahead to 2030, Gartner[1] anticipates a broad move toward a model of real-time data exchange, as opposed to manually collecting third-party risk information. This strategy expedites compliance processes like KYB practices, enabling firms to offer business partners a faster onboarding process while enhancing their capacity for early risk remediation, marking a significant step forward in the evolution of overall risk and compliance management. The study found that data sharing for continuous risk monitoring results in engagement speeds that are almost 4 x faster.

Automation and access to real-time data reduce the workload traditionally involved in manually collecting, verifying and managing information on business partners, beneficial owners and customers – which can quickly become outdated.

This immediacy is largely enabled by Application Programming Interfaces (APIs), which facilitate the seamless exchange of live information between different software systems. This minimises the chances of acting on outdated data and drastically cuts down the time and resources needed for manual data collection. As a result, businesses can make more informed decisions faster, enhancing compliance efforts and operational efficiency.

Unpacking the power of APIs in KYB

    APIs act as vital links between business verification platforms and external data sources, such as government registries and legal record systems. This connectivity allows for:

  • Immediate requests and retrieval of detailed business information
  • Significantly faster and more accurate KYB checks
  • Continuous monitoring and updates on company profiles, enhancing ongoing risk assessment

Enhancing KYB with AsiaVerify’s Unified API

AsiaVerify has designed a new Unified API to enhance the way organisations verify, onboard and monitor businesses, beneficial owners and individuals across the Asia-Pacific region. This innovative integration tool offers:

  • A consistent data format
    Dealing with multiple APIs often means navigating different data formats and structures, which can complicate data processing and analysis. Our Unified API standardises the data format, ensuring that information retrieved from diverse sources is consistent and readily usable.
  • Improved data accessibility
    With our Unified API, businesses gain enhanced access to a broad spectrum of official data sources through a single interface. This comprehensive access allows our clients to verify and monitor businesses, individuals and beneficial owners from multiple jurisdictions, all in one central place.
  • Increased responsiveness
    By reducing the number of network requests required to fetch data from different services, our Unified API improves overall system performance, leading to a better user experience.
  • Enhanced flexibility
    Our Unified API is designed to scale with your business needs and accommodate changes over time. As your requirements evolve or new features are added, you can extend the functionality of the API without disrupting existing integrations. This allows for seamless scaling and adaptation to new markets, ensuring compliance and due diligence across borders without the geographical limitations or jurisdictional challenges previously faced.

How we support your business

Speed

AsiaVerify significantly reduces the time needed for verification processes. Traditional methods, which involve sifting through documents and coordinating with multiple agencies, can be incredibly time-consuming. However, with our solution, you gain instant access to a broad network of international databases and compliance resources. This capability for real-time data retrieval transforms verification tasks that previously took days or weeks into processes that can be completed in just minutes.

Accuracy

Relying on incorrect or outdated information can create risk for your business. Our technology addresses these concerns by ensuring direct access to the latest and most comprehensive data from official sources, thus minimising the risk of errors.

Scalability

Our Unified API facilitates smooth integration with an extensive array of international databases and compliance resources through a single connection point. This feature allows you to swiftly adapt and scale your KYB, UBO and KYC processes to meet emerging opportunities and challenges effectively.

Interested in harnessing these benefits?

If you have any questions or are curious to learn more about how AsiaVerify can support your verification and compliance needs across the Asia-Pacific region with our Unified API and other solutions, we’re here to support you. Email us at [email protected]

 

[1] https://www.gartner.com/en/legal-compliance/trends/future-of-compliance

[2] https://www.pwc.com/us/en/services/consulting/cybersecurity-risk-regulatory/library/sox-compliance-automation.html

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