This Know Your Business (KYB) solution was designed to help local and international organisations in Poland remain fully compliant in their business customer onboarding procedures. The extended coverage of these automated tools paints a complete data picture of Polish entities, including the latest sanctions lists.
The system allows local banks, Electronic Money Institutions (EMIs), credit institutions, cryptocurrency marketplaces, gambling services companies, and legal and audit advisors to check the legal status and compliance of customers in Poland, all in accordance with the new Polish sanctions regime and the European Union's 5th AML Directive (5AMLD).
When compared to KYC, which focuses on customer onboarding, KYB procedures look into business customers' data and information to prevent the breaking of sanctions, fraud, money laundering, and terrorist financing. These tools and procedures make it more difficult for bad actors (sanctioned entities) to pass up illegitimately obtained funds as income. In addition, KYB procedures rely on ultimate beneficial ownership (UBO) to act as a transparency mechanism by showing who is directly benefiting from a business’ profits.
EU’s 5AMLD was introduced in 2020 and aimed to improve transparency in the fight against money laundering and terrorist financing. In 2022, the parliament of Poland passed its first sanctions regime that targeted numerous entities engaged in the Ukraine war. These include auction houses, notaries, payment operators, and antique dealers.
In the company press release, Ondato’s officials revealed their goals to make sure that local and international companies have the latest data about compliance-risk entities in Poland. Furthermore, by removing the hassle of manual KYB verification, Ondato facilitates the safe automation of customer onboarding processes.
The KYB solution offered by Ondato provides AML insights, incorporating reports, financial statements, and credit scores from 195 different countries. It pinpoints all risks associated with business relationships, including due diligence, UBO establishment, PEP screening, sanctions screening, and adverse media screening.
The product’s goal is to identify all risks associated with a company's business relationships and to establish UBO to assess the level of risk. Organisations can perform enhanced due diligence before proceeding with business relationships or implementing ongoing monitoring if UBO poses a greater level of risk.
In March 2023, Ondato made its AI-powered Optical Character Recognition (OCR) engine a stand-alone service for other ID vendors and companies. The product became available as an API integration for the use of third parties, such as ID vendors or any organisation that can leverage it to fight digital fraud.
Ondato’s OCR tool was created to automatically identify and use relevant personal information from identity documents or photos of documents and files. While using this solution, customers can experience quicker paper reading and checking procedures, as well as newly added automation capabilities.
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