KYC2020 Launches Service for High-Risk Business Screening

HRB Check ensures financial institutions have solutions to identify cannabis-related businesses
CHICAGO - Oct. 28, 2021 - PRLog -- KYC2020, the leader in sanction, regulatory, PEP, and negative news screening for Anti-Money Laundering (AML) compliance; today announced the release of HRB Check®, its latest product for screening high-risk businesses (HRBs). HRB Check will ensure financial institutions and credit unions have a complete solution for correctly identifying HRBs, including casinos, online gaming, and other regulated entities and their beneficial owners, such as cannabis-related businesses (CRBs) in the US and Canada.

Whether a financial institution is considering banking CRBs in the future or not, it must first correctly identify if the person or entity that is being onboarded is properly identified as high-risk. Unreliable CRB monitoring and detection procedures have already resulted in hefty fines. It is often too late when financial institutions discover that they are already banking CRBs, or their beneficial owners who are using the banking facility to launder money or carry out terrorist financing activities.

As marijuana and hemp laws transform across the US and Canada, there is a growing opportunity for financial institutions to engage with CRBs as part of their business. However, institutions that are associated with CRBs must ensure that they uphold the strictest compliance to avoid problems with the highly regulated cannabis sector. Most companies recognize this risk yet struggle to find efficient and cost-effective ways of monitoring CRBs.

HRB Check® solves this problem. KYC2020 aggregates global sanction, PEP, regulatory, criminal, and adverse media watchlist data from over 1800+ sources and 10,000+ news feeds. KYC2020 provides the most comprehensive, advanced, and affordable AML/CFT compliance database of its kind.

Now with HRB Check®, the global dataset expands to include over 53,200 MSBs, 9800+ casinos, and 6000+ virtual currency operators. KYC2020 partnered with the best-in-class provider of CRB data to add to its existing HRB data. The CRB data includes over 226,282 cannabis-related licensed operators, beneficial owners, and investment vehicles in the US and Canada.

"Banking regulated businesses is a strategic decision, but not correctly identifying or unknowingly banking a CRB is an operational and compliance failure with severe negative financial, reputational, and monetary consequences," said Rajeev Bahri, Managing Director of KYC2020.  "We are in the business of mitigating this operational risk effectively and affordably.  Good watchlist data is just the first step. From risk-based sanction screening to AI-powered decision-making for rapid onboarding, to intelligent ongoing monitoring, our suite of AML compliance tools is designed to help our customers identify "know your client" (KYC) risks and get and stay compliant."

Providing financial services to regulated entities comes with a higher risk of financial crime. This requires specific compliance measures to mitigate and control. A free trial of HRB Check® is now available. For more information click here.

About KYC2020

KYC2020 enables banks, credit unions, and FinTech innovators to fight financial crime and achieve AML compliance without the cost, complexity, and high friction of traditional sanctions, regulatory, PEP, and negative news screening services.  Our solutions are designed for GDPR compliance and come with an extensive API library for easy integration. We are seasoned payments industry professionals and CAMS™ certified AML specialists with deep software experience. Our mission is to make AML compliance easy, effective, and affordable for ANY SIZE enterprise. Visit to learn more.

Sally Superfine
Source: » Follow
Email:*** Email Verified
Tags:AML Compliance, Regtech, CRB Banking, Cannabis Related Business Screening, Antimoneylaundering, Cannabisbanking
Industry:Banking, Information technology, Software
Location:Chicago - Illinois - United States
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
Page Updated Last on: Oct 29, 2021

Like PRLog?
Click to Share