Background checks
for Businesses Report

This report gives a deep dive into what KYC and KYB (Know Your Customer/Know Your Business) is and analyses the ongoing transformation of the  KYB/ KYC service provider market.

Background checks for companies dealing with each other within the financial market requires trust to be established between them. All German companies in the financial sector are subject to the supervision of the Federal Financial Authority (BaFin).

They are expected to have formal business policies to prevent, detect, and combat monetary transactions which potentially might have a criminal background. Engaging in such transactions undermines the institution’s reputation and financial strength and leads to the payment of costly fines. (Bafin, 2020)

According to the consultancy Duff & Phelps, AML (Anti-Money-Laundering) fines in the initial 6 months of 2020, reached a total of $706 million globally, compared to 2019’s aggregate of $444 millions (M. Vincent, 2020).

This growth shows that money laundering schemes are becoming increasingly difficult to detect and represent a major threat to the assets of a financial institution. In this context, a financial institution’s compliance function has increasingly gained in importance over the last years.

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