In such a globalized world, the economy is largely driven by technological advances.
Developed and developing economies continue to face the challenges brought about by
this digital revolution. Among these challenges are crimes related to the information
economy, which are seen as a growing source of concern in the international financial
community.
It’s crucial that all financial institutions which deal with money transfers know in detail
the companies they do business with, to protect themselves from being accidentally
used for money laundering or terrorist activities, and to avoid fraud. It’s no longer
necessary to wait weeks to find out if a potential partner is trustworthy, automated
processes ensure that once time-consuming and costly work is done in a matter of
seconds. Today’s technology allows you to save resources and be certain that your
potential partners are reliable and will help you grow your business.
It’s profitable for companies to invest in automated identification checks not only
because of laws and regulations but also for security posture and to save costs. A study
conducted by Ponemon Institute states that, on average, more than $4 million is lost
because of not investing in automatic KYB practices to prevent money laundering. In
Hong Kong, for example, in addition to the hefty fine, the offense of money laundering
conspiracy carries a 14-year prison sentence. Not investing in KYB automated checks
turns out to be more expensive!
Unmask fraudsters and scammers and protect your business with SignD digital
verification solutions. Our innovative solutions are designed to identify and verify every
possible partner. SignD digital identity verification solutions can fully authenticate an
individual in a matter of seconds, saving money, businesses time, and effort.