London-based regtech firm Ondato has launched an expanded Know Your Business (KYB) solution to give local and international organisations operating in Poland automated tools for fully compliant business customer onboarding.
The extended coverage provides complete data about Polish entities, including the latest sanctions lists.
This enables online banks, Electronic Money Institutions (EMIs), credit institutions, cryptocurrency marketplaces, gambling services companies, legal and audit advisors, and more to verify the legal status and compliance of customers in Poland
Unlike KYC, which addresses consumer onboarding, KYB processes analyse business customers’ data and information to prevent sanctions breaking, fraud, money laundering, and terrorist financing.
They make it harder for sanctions-listed entities and criminals to disguise illegitimately obtained funds as income by showing companies’ relationships with any other businesses or institutions.
KYB procedures include ultimate beneficial ownership (UBO) as a transparency mechanism, revealing who is directly benefiting from the business’ profits.
It is essential for KYB to comply with the European Union’s 5th AML Directive (5AMLD) that was introduced in 2020.
In addition, Poland’s parliament passed its first sanctions regime in 2022, including many entities related to the ongoing war in Ukraine and covering payment operators, notaries, auction houses, and antique dealers, among others.
The Ministry of Internal Affairs and Administration in Poland added that the list will be expanded in the future. The penalty for non-compliance is a fine of over €4 million.
Liudas Kanapienis, CEO and Co-founder of Ondato said,
“Ondato has moved to ensure local and international companies have the latest data about compliance-risk entities in Poland. We have enabled the safe automation of customer onboarding processes, removing the burden of manual KYB verification.
Ondato’s automated KYB verification puts our customers in the fast-lane, where they can overtake long and difficult onboarding processes, ensure accurate and reliable verification, and focus on their core business activities.”
