Kyckr's UBO (Ultimate Beneficial Owner) verification algorithm automates the unwrapping of company ownership structures across country borders and automatically calculates ultimate beneficial ownership at the click of a button, meaning accurate UBO identification in minutes, not hours.
The UBO Verify software tool sits on top of the Kyckr registry network, retrieving enhanced profile information across jurisdictions and automatically analysing it to calculate ownership. Unlike other UBO verification services, this means the data is always live and legally authoritative.
Kyckr’s UBO Verify goal is to automate the full ownership discovery process that may currently be completed manually. In some cases, this means that we may not be able to identify UBOs (for example, if ownership is obscured in a country with no public ownership data), however, the service will identify a ‘reason for non-continuation' and display insights to the user, providing them with a clear next action.
This functionality is essential for several reasons:
Risk Assessment: Understanding a company's ownership structure is crucial for assessing financial and reputational risks. By identifying UBOs, you can evaluate potential risks associated with these individuals or entities.
Compliance: Regulatory requirements, such as Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, mandate the verification of UBO information. Kyckr's functionality ensures you remain compliant with these regulations.
Due Diligence: UBO verification is a fundamental step in conducting due diligence when entering into business relationships or investments. It provides a comprehensive view of a company's ownership.
Global Reach: Kyckr's UBO verification covers a broad spectrum of jurisdictions, making it suitable for businesses operating internationally. This global reach ensures access to UBO information from various countries.
User-Friendly Interface: Kyckr's platform is designed for ease of use. Users can access UBO verification services efficiently, allowing for a streamlined verification process.