iDenfy’s newest KYB feature for sole proprietorships and individual entities offers a customizable, automated approach to onboarding, allowing businesses to adjust verification steps according to each client’s requirements. This integrated system efficiently serves the unique needs of individuals who are personally accountable for their business’s debts and profits, similar to larger entities. By enabling companies to streamline onboarding and tailor it based on the client type, iDenfy’s customizable workflow simplifies user registration, reduces complexity, enhances the user experience, as well as ensures full KYB compliance by providing required information.
Domantas Ciulde, CEO of iDenfy, explained: “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.”
According to iDenfy, the onboarding for sole proprietors is simple and straightforward with its new feature. Users can activate the sole proprietorship onboarding option, specify required fields such as citizenship, tax residence, and other relevant identifiers, and provide clients with extensive verification services. This includes credit bureau reports,
anti-money laundering checks, and sanctions reports to determine whether the person is politically exposed or has a high-risk profile based on their financial history and associations.
As a result, by replacing manual processes with automation, businesses can significantly reduce onboarding times and enhance compliance. To further optimize onboarding for sole traders, iDenfy’s KYB solution incorporates specific rules and verifies identities by utilizing official documents to confirm the identity of sole traders or business representatives that help maintain a consistent and seamless verification experience. This service offers advanced compliance checks and the ability to screen individuals against global sanctions lists from institutions such as the World Bank, Interpol, SECO, FBI, Europol, and more to identify politically exposed persons (PEPs) and prevent illegal activities.
Additionally, iDefy’s KYB platform monitors adverse media coverage and screens proxy IP addresses with the use of advanced risk and compliance management tools to detect any reputational risks associated with onboarding clients and enables the blocking of entities with legal or reputational issues. These features enable companies to implement customized automation rules that streamline onboarding while meeting stringent industry-oriented regulatory requirements to secure the onboarding process. The platform also provides an activity monitoring feature, allowing users to view the compliance rate of onboarded members, receive alerts for missing or unaccepted information, and access activity logs for documentation uploads.
“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,” added Domantas Ciulde.
