Ondorse is a business identity verification platform that includes risk, fraud and compliance services. It helps B2B organizations take better and faster onboarding decisions while running compliant, robust and flexible verifications processes.

Regulatory context

As required by different industry regulations, organizations of all sorts and sizes must conduct due diligence on their business partners (customers, suppliers, distributors). Each organization may also supplement such regulatory requirements with additional checks to better manage risk exposure.

Anti-Money Laundering and Counter-Terrorism Financing

All financial institutions are subject to many AML-CTF regulations regarding customer onboarding and verification, including on business customers. The process is referred to as Know Your Business or KYB.

Anti-Bribery regulations

Organizations subject to anti-bribery regulations must verify all their business partners to detect and prevent bribery, influence peddling, and extortion. This process is referred to as Know Your Third Parties or KY3P.

Digital Services Act

Marketplaces subject to the European digital services act are required to collect and verify information on their sellers, also known as Know Your Business Customers or KYBC.

Practical consequences

In the real world, there is no "one-size-fits-all" process to comply with your industry regulations. Such process depends on:

• the country of incorporation or the nationality of your counterpart,
• whether you operate in a sector exposed to money laundering, bribery or fraud,
• whether the products you distribute are vulnerable to money laundering, bribery or fraud,
• whether you are solely ensuring the compliance of a business partner or also underwriting a financial offer, and
• whether you are an agent of a Banking as a Service, or you operate under your own banking license.

Building a compliant, robust and flexible verification process is complex and requires vigilance to keep up with constantly evolving regulatory changes around the world. Ondorse handles the complexity around building these processes with its own Workflow logic.