BUSINESS VERIFICATION

Unravel complex businesses to truly identify your clients

Verify business customers with fast, compliant KYC checks that navigate complex business structures to reveal exactly who you are doing business with.

Business verification is as critical as individual customer verification

However, business verification also comes with added complexities. Companies often have multiple levels of ownership, a labyrinth of stakeholders and various business structures, all increasing the number of beneficial owners that require verification. Every complexity increases the risk of non-compliance, reputational damage, and regulatory fines, not to mention your exposure to fraud risks.

Using up-to-date, independent data sources, GBG’s business verification navigates complex ownership structures to show you exactly who you are doing business with. With real-time verification and configurable rules, you can meet your AML/CTF requirements and deliver frictionless client onboarding – no compromises.

Why GBG?

Unravel complex business structures

Get behind the complexities to find out who your client is and make an informed decision.

Identify key beneficial owners and associates

Find out who is associated with the business to meet your KYC compliance needs and assess risk.

Protect your business from fraud

Validate business details before onboarding clients and know who you’re really doing business with.

Benefits & Features

Verify businesses anywhere in the world

Access up-to-date, independent data sources, including government registries, and public records, in one place.

Truly know your clients

Verify complex business entities including trusts, partnerships, companies, and sole traders. Dive deep to identify beneficial owners and all individuals involved.

Meet compliance requirements

Minimise the cost, complexity, and time of business verification whilst meeting AML and KYC requirements.

Simplify KYC audits

Simplifies the audit process by displaying a single electronic record of the verification result.

Customise verification

Configure business verification rules to meet your compliance obligations and match your level of risk.

Frequently Asked Questions

Business verification is the process of checking the legitimacy of a company and its ownership structure. By verifying the corporate information of potential business clients, business verification brings confidence that the business you’re working with is real and that the people who run the company are not involved in financial crimes, such as money laundering or terrorist financing.

Business verification is important for organisations in various industries, particularly financial services, to prevent the risk of money laundering and other financial crimes. It ensures safe B2B relationships and helps prevent fraud by helping businesses detect whether their business customers show any signs of terrorist financing or money laundering risks and are subject to adverse regulatory and other sanctions actions.

Companies often have multiple levels of ownership, stakeholders and business structures, which increases the number of entities to be verified. This means business verification in Australia goes beyond capturing accurate and official business details from the Australian business registers. Business verification involves verifying the identity and overarching ownership of organisations. According to AUSTRAC, reporting entities must determine who your customers’ beneficial owners are; assess the level of money laundering/terrorism financing risk your customers’ beneficial owners pose to your business; verify the identity of your customers’ beneficial owners; and keep records of how you identified each beneficial owner and verified their identity.

The most accurate and efficient way to do this is by using business verification software, like GBG. In the absence of software, compliance specialists must manually screen multiple sanction lists and watchlists, review registries and conduct research individually. This process takes hours, sometimes weeks, and can be prone to human error.

Effective business verification software allows you to view and validate business details before onboarding customers. This goes beyond checking the length of the ABN to navigate complex ownership structures and provide you with a single report and compliant audit trail. Business verification software automates the process to reduce operational costs, save time and reduce human error while ensuring compliance with fast-changing regulations. Significantly, business verification software can also help speed up new customer onboarding.

Some business verification software lets you set your own custom rules. You can run sanctions, PEPs, and adverse media checks, verify the business against business registries or credit bureaus, and instantly check if a company is active or dissolved.