KYB – Increasing KYB Coverage through linking Consumer and Business Data – Tarvinder Sembhi – IDV24 #1
Several recent trends underscore the increasing importance of Know Your Business (KYB) practices in today's business landscape. One significant trend is the rise in financial crimes, including money laundering, fraud, and terrorist financing. Technological advancements have transformed the way businesses operate, leading to increased digitization, online transactions, and remote customer interactions. While these developments offer numerous benefits, they also create opportunities for criminals to exploit vulnerabilities. Higher value remote transactions are performed at higher volumes. In addition, government programs such as the PPP program created a need for onboarding business quickly. This created a influx of fraudulent entities and claim who are now exploiting other channels. The convergence of these trends highlights the critical role of KYB in safeguarding businesses, ensuring regulatory compliance, and fostering trust among stakeholders in today's dynamic and interconnected business environment.
Segment Resources: https://files.scmagazine.com/wp-content/uploads/2024/05/idi-Identiverse-Brochure_05-2024-KYB-PRINT.pdf
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Tarvinder Sembhi has over 20 years in the identity space. He has had executive roles in driving innovative technologies throughout his career. His roles included developing strategic roadmap for the company that invented iris recognition, driving adoption for one of the first multi-biometric companies, and introducing digital identity technologies such as the mobile driver’s license.
In his current role at IDI, Tarvinder has leveraged IDI’s AI/ML driven identity graph to develop powerful identity verification both consumer and business identity data solutions.
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