Business verification is popularly known as Know Your Business. It’s an essential anti-money laundering process for organisations.
Business verification techniques allow entrepreneurs and compliance officers to devise strong policies to onboard business customers, investors, suppliers, and partners. These policies help to manage suspicious account activities and transactions.
Corporations aren’t the only organisations that need business verification. It’s becoming more of an issue for different fast-scaling startups and SMBs that do not always have a committed compliance department like that of corporations. So, all businesses need to figure out whether they’re working with legitimate firms or if it is only a façade. [Read more…] about What is Business Verification, and Why is it Important?