In a significant step forward for regulatory technology, iDenfy, a Lithuania-based RegTech company, has unveiled a streamlined Know Your Business (KYB) solution specifically tailored for sole proprietorships. This innovative platform update is designed to simplify and automate the onboarding process, ensuring KYB compliance while catering to the unique needs of individuals and small businesses.
Through a unified dashboard, iDenfy now enables compliance teams to handle documentation more efficiently with features like automated questionnaires and customizable templates. This allows for a smoother collection of essential KYB information and significantly reduces manual effort for compliance checks.
Domantas Ciulde, CEO of iDenfy, explains, “We’re providing a unified and customizable approach to KYB to help our partners manage compliance effectively while ensuring a seamless user experience. With our KYB solution for Sole Proprietorships, we can minimize compliance costs and ensure that teams save at least 30% time on manual assessment, such as checking collected documents and downloaded government reports.”
This updated KYB platform is ideal for companies that need to verify sole proprietors, ensuring they meet regulatory requirements with minimal complexity. The flexible system allows businesses to define specific verification steps, adjust data fields, and apply automated anti-money laundering (AML) and sanctions checks, making onboarding faster and more secure.
Enhanced Security and Advanced Compliance Checks
iDenfy’s new KYB solution goes beyond basic verification. It includes extensive compliance checks such as credit bureau reports, AML checks, and global sanctions list screenings. The platform assesses whether individuals have high-risk profiles or are politically exposed persons (PEPs) by cross-referencing global databases from institutions like the World Bank, Interpol, SECO, FBI, and Europol.
The system also incorporates IP address screening and adverse media monitoring to detect and mitigate reputational risks. For example, iDenfy’s KYB solution can block entities with potential legal or reputational issues, adding another layer of security to protect businesses.
With a commitment to reducing onboarding times, iDenfy’s platform enables firms to establish custom automation rules, view compliance rates, and receive real-time alerts for missing documentation. The activity monitoring tool allows companies to track the onboarding process efficiently, ensuring compliance standards are consistently met.
Building Confidence with Automated Compliance Tools
In today’s complex regulatory environment, staying compliant can be costly and time-consuming. iDenfy’s enhanced KYB solution addresses these challenges by automating much of the onboarding process, allowing businesses to operate confidently and within regulatory bounds. As Ciulde puts it, “Our goal is to empower businesses to operate confidently by leveraging advanced compliance tools and a user-friendly platform. This allows businesses to adhere to regulatory standards while enhancing the security of their onboarding process.”
For more information and business inquiries, please visit www.idenfy.com.