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Unveiling Synaps' Enhanced KYB Interface: A Leap Forward in Business Onboarding and Compliance

Synaps new KYB interface is designed to significantly simplify the onboarding process for clients and corporate partners.

Nov 8, 2023

3min read

Synaps New KYB
Synaps New KYB

Synaps has proudly announced the launch of its innovative Know Your Business (KYB) solution, designed to significantly simplify the onboarding process for clients and corporate partners. With the integration of cutting-edge features aimed at enhancing the customer journey and elevating fraud detection capabilities, Synaps is setting a new standard in the realm of corporate due diligence and compliance.

Synaps – pioneering Streamlined KYB processes

Comprehensive KYB services by Synaps

Synaps has been at the forefront of providing solutions for fraud detection, risk mitigation, and compliance challenges faced by companies globally. By marrying a user-friendly onboarding experience with a powerful all-in-one platform, compliance officers can now manage alerts and prevent fraud with unprecedented efficiency.

Real-time business verification

The KYB feature stands out with its real-time registry search capability, delivering instant access to current information on over 300 million legal entities from more than 250 countries. This feature addresses common hurdles such as access permissions and language barriers, ensuring accurate and up-to-date business verification.

Identity verification of business stakeholders

Synaps takes the validation of business owners' identities a notch higher by performing automated KYC checks to verify their authenticity. This pivotal move adds an additional layer of security and trust in the business verification process.

Compliance automation

Our system performs extensive screenings of businesses and their proprietors against comprehensive AML, sanction, PEP, and adverse media lists, guaranteeing adherence to regulatory requirements and minimizing the risk of non-compliance.

Dual Verification Approach

Synaps offers a dual verification system combining automated processes with the expertise of our highly skilled Money Laundering Reporting Officers (MLROs). This synergy ensures meticulous verification, maintaining data integrity, and providing a thorough verification journey.

Document Verification Expertise

The authenticity of crucial business documents is confirmed through our sophisticated document verification procedures. Company filings, financial statements, and other critical documents undergo thorough originality checks, ensuring they are valid and reliable.

Introducing the revolutionary features of Synaps' KYB

Streamlining corporate onboarding and risk management

In the past month, Synaps has rolled out a series of innovative features that transform the corporate onboarding experience and bolster risk management practices.

Automated Shares Calculation: A Game-Changer

Determining the stakeholders requiring KYC checks during partner onboarding can be complex, and computing shareholder stakes time-consuming. Synaps has automated this process, enabling the system to ascertain shareholder stakes and initiate KYC for ultimate beneficial owners (UBOs) with a holding of more than 25%.

Customizable UBO Verification

The one-size-fits-all approach is obsolete with Synaps’ customizable UBO flow. Whether it's adjusting the verification process to suit geographic locations or specific services, clients can now tailor the verification steps, ensuring full compliance with their specific regulatory obligations.

Simplified LRA Management

Synaps understands that the individual initiating a KYB may not always be a corporate officer. Our redesigned interface allows for easy management and submission of the Legal Representative Authorization (LRA), guaranteeing a smooth KYB submission process irrespective of the user's corporate status.

Reusable KYB for Swift Onboarding

Once a business has been verified by Synaps, it can immediately reap the benefits of swift validation for onboarding purposes. This efficiency not only streamlines the process for business partners but also maintains high security and trustworthiness.

Access demo

Synaps is poised to redefine the landscape of business onboarding and compliance with its latest KYB interface. By embracing these advancements, clients are equipped to onboard with confidence, assured by the highest standards of due diligence and compliance provided by Synaps.

Synaps New KYB
Synaps New KYB

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