Welcome to RelyComply’s comprehensive guide to help you unlock the power of KYB (Know Your Business). In this guide, we’ll cover everything you need to know and why it’s an essential part of your compliance program. What is KYB? KYB, or Know Your Business, is a process used by businesses to verify the identity and business information … Continued
As the world becomes increasingly digital, the financial landscape has undergone a significant transformation. The rise of new technologies has brought many benefits to the financial sector, but it has also created new challenges, particularly when it comes to Anti-Money Laundering (AML) compliance. With the volume and complexity of financial transactions growing each day, businesses … Continued
On 20 January 2023, The Financial Intelligence Centre announced the commencement of Sections 31 and 56 of the Financial Intelligence Centre Act, 2001 (FICA) will take effect on 1 February 2023. What is an IFTR? An IFTR “International Funds Transfer Report” requires accountable Financial Institutions (FIs) and non-financial businesses to report certain information about electronic fund transfers that come in … Continued