Poland-based Businesses Gain Access to Know Your Business (KYB) Solution

Ondato Launches KYB Solution for Polish Market

LONDON, UK - Ondato, a leading technology company based in the UK, has launched its Know Your Business (KYB) solution for businesses and organizations operating in Poland. This innovative tool is designed to help local and international entities remain fully compliant with their customer onboarding procedures.

What is KYB?

The KYB solution is an extension of Ondato’s automated tools that provide a comprehensive data picture of Polish entities, including the latest sanctions lists. It enables financial institutions, electronic money institutions (EMIs), credit institutions, cryptocurrency marketplaces, gambling services companies, and legal and audit advisors to check the legal status and compliance of customers in Poland.

Key Features:

Comprehensive data picture of Polish entities
Latest sanctions lists
Automated tool for customer onboarding procedures
Provides AML insights, incorporating reports, financial statements, and credit scores from 195 countries

KYB vs. KYC

Unlike Know Your Customer (KYC) procedures, which focus on individual customer onboarding, KYB procedures delve deeper into business customers’ data and information to prevent sanctions breaches, fraud, money laundering, and terrorist financing. By relying on ultimate beneficial ownership (UBO), KYB procedures provide a transparency mechanism that reveals who is directly benefiting from a company’s profits.

Compliance with EU Regulations

The European Union’s 5th Anti-Money Laundering Directive (5AMLD) was introduced in 2020 to improve transparency in the fight against money laundering and terrorist financing. In 2022, Poland passed its first sanctions regime targeting entities involved in the Ukraine war. Ondato aims to ensure that local and international companies have access to the latest data on compliance-risk entities in Poland.

Benefits

The company’s KYB solution eliminates the hassle of manual KYB verification and facilitates the safe automation of customer onboarding processes. Organizations can use the product to identify risks associated with a company’s business relationships, establish UBO, and assess the level of risk.

How it Works:

Pinpoints all risks associated with business relationships
Provides enhanced due diligence capabilities
Integrates UBO establishment, PEP screening, sanctions screening, and adverse media screening

In related news, Ondato recently made its AI-powered Optical Character Recognition (OCR) engine available as a stand-alone service for other ID vendors and companies. The product is integrated through an API, allowing third parties to leverage it in their fight against digital fraud.

Benefits of OCR Engine:

Automatically identifies and extracts relevant personal information from identity documents or photos of documents and files
Streamlines paper reading and checking procedures while adding new automation capabilities