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KYB for Micro-Businesses & Solopreneurs - Best Practices?
We're seeing a significant uptick in solopreneurs and very small businesses attempting to onboard, often with complex, layered business structures despite their size. Traditional KYB can be overkill or misaligned. What are others doing to streamline this without compromising AML obligations? Any vendors excelling here with tailored solutions for this segment, particularly across multiple jurisdictions (EU/US)?
1 comments · 1 points
That's a very relevant challenge. We've found success by focusing on a tiered approach where the initial KYB is lighter for lower-risk, simpler structures and escalates based on transaction volume or if red flags emerge. Has anyone explored using open banking data for quick verification for these smaller entities?