PHOTO
Cedar Rose has announced the launch of its automated Know Your Business (KYB) solution that is designed to digitize the onboarding process for companies while reducing non-compliance risks. Regardless of the industry, it will allow businesses to leverage on Cedar Rose’s powerful Application Programming Interface (API) to onboard new customers and third parties without friction and improve the customer journey at reduced costs.
Antoun Massaad, the Co-Founder and CEO of Cedar Rose, stated, “In today's fast-paced world of digitization and automation, businesses can seldom afford the time required to manually conduct detailed verification of potential business partners. However, to meet compliance requirements, these procedures are necessary and must be implemented to the highest degree. Our automated KYB solution utilises ground-breaking new technologies such as AI and machine learning to rapidly parse massive amounts of data. It allows companies to search and verify the authenticity of legal entities against trusted global data and drastically reduces the time needed to conduct business verification. It can quickly flag up any suspicious information that demands further investigation. In addition, the highly accurate system removes the potential for human error, ensuring that nothing important is missed.”
Identification verification processes like KYB are critical for the majority of businesses, including financial institutions, insurance firms, e-commerce companies, etc.
Antoun said, “we already have advanced discussions with key international and regional actors active in the financial and e-commerce sectors in the UAE and GCC region. They understand the dangers associated with inadequate KYB processing. Many businesses may look real on paper, but that information alone is not proof of existence. Adequate KYB procedures find verifiable proof of registration, ensuring that you know exactly who you are dealing with. Automation in this regard becomes even more crucial for companies that hope to secure several business partnerships on a weekly or daily basis.
In addition to standard KYB checks, Cedar Rose offers several additional investigative services that can be used to uncover more detailed information on a business or a person. These include Sanctions Screening, a Politically Exposed Person database (PEP), Adverse Media checks, and the identification of the Ultimate Beneficiary Owners (UBOs) of a company, all of which are available from Cedar Rose with a complete audit trail.
To know more call +971 4 374 5758 or visit www.cedar-rose.com
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
