AML Conversations
Verifying your Counterparty in Today’s Complex Data World – an Interview with Steve Lamb
Mar 5, 2025
Steve Lamb, COO at Kyckr and expert in business verification, dives into the pressing challenges of knowing your counterparty in today's data-rich world. He elaborates on the global variances in corporate registries and the role of advanced technology in enhancing verification processes to combat financial crime. Lamb emphasizes the importance of beneficial ownership transparency and the need for continuous client monitoring through innovative methods like AI. He also highlights how global registries are vital for compliance and risk assessment in financial crime prevention.
30:49
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Quick takeaways
- Effective verification processes leveraging trustworthy data sources are essential to combat financial crime and comply with AML regulations globally.
- The disparity in beneficial ownership data across jurisdictions underscores the need for improved transparency and standardized access to enhance verification efforts.
Deep dives
The Importance of Business Verification
Knowing who you are doing business with is critical in various aspects of life, especially in the financial crime and anti-money laundering (AML) sectors. Verification processes are essential due to the overwhelming amount of data available, where distinguishing between real and false information can be challenging. Regulations such as those from FATF mandate that regulated entities verify their clients' identities using independent and reliable data sources to prevent fraud. KICKR addresses this issue by ensuring that the data utilized for verification is trustworthy and audit-proof, while also tackling challenges posed by inconsistent corporate registry practices across different jurisdictions.
