10 Best Data Providers for KYC

September 03, 2020
Data Expert Lucy
Lucy Kelly Research Analyst at Datarade
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In 2018, identity theft affected over 14.4 million US consumers and accounted for 14.7 billion dollars stolen.

Increased rates of fraud and cybercrime mean it’s vital that financial institutions follow KYC (‘know your customer’) regulations. In most countries, it’s a legal obligation, like due diligence or identity verification. The US CIP (Customer Identification Program) states that, by law, banks and lenders must conduct AML (anti money laundering) audits and flag up high-risk customers.

However, gaining a thorough understanding of a client and their business relations requires extensive research. And data about customers’ financial and credit history is not openly available, making it difficult to truly ‘know your customer’.

So, how can companies and financial institutions avoid onboarding high-risk customers? How can banks and investors prevent illegal transactions and detect fraudulent activity?

We’ve compiled a list of the best data providers for KYC and risk assessment.

These companies analyze business transactions and account activity to evaluate the risk posed by a given customer. Data-driven identity verification allows banks and businesses to tackle fraud and reduce losses.

The 10 Best Data Providers for KYC

Worldbox Business Intelligence provides a range of data sources which are essential for KYC procedures, including company credit reports, company profiles, company ownership and management reports, legal status and history details. Worldbox’s company data covers major and emerging markets, with over 50 million companies comprising their data offering. They have offered due diligence services since 1980.

SPARK-Interfax is provides business solutions including risk assessment, compliance, enhanced due diligence, KYC, business and financial intelligence. SPARK-Interfax’s data focusses on Russia and the CIS, screening over 30k media sources from Russia and former Soviet countries. Their data enables companies to assess reputation risks and establish customer relationships in confidence.

Trulioo offers global identity verification solutions. Via Trulio’s APIs, companies can conduct robuse KYC and AML audits. Trulioo’s dataset gives the user privacy-compliant access to 5 billion identities globally, making the KYC vetting process efficient, scalable and on-demand.

Bureau van Dijk is a private company data provider offering profiles for 360 million companies worldwide. Bureau van Dijk allows banks and businesses to understand a company’s performance and governance. They offer financial data, legal entity details and M&A data for KYC and fraud prevention purposes.

DueDil is a company intelligence platform providing insights on over than 50 million companies. DueDil’s Business Information Graph (B.I.G.) ingests billions of data points daily. DueDil provide solutions to high-growth businesses at all stages of the whole fraud management process, from KYC and enhanced due diligence, to continuous AML and risk monitoring.

Dun & Bradstreet owns the world’s largest commercial company database with over 330 million business records from over 200 countries. Via the Dun & Bradstreet Data Cloud, businesses can analyze companies’ credit history and manage risk frictionlessly, allowing them to avoid high-risk customers and generate revenue securely.

Creditsafe provides online commercial credit and corporate financial information for small, medium and large businesses across the world. This allows businesses to tailor Creditsafe’s data to any KYC or credit scoring need. Creditsafe provides insights including company status, key financials, verified details, and payment data for 330 million companies worldwide.

Accuity provides up-to-date financial data to optimize company’s KYC and due diligence operations. Accuity’s data allows companies to track customers’ compliance with account and trade regulations, so that they can monitor sanction breaches and illicit activity in order to prevent fraud and scams.

LexisNexis offers financial crime risk data covering over 5 million structured profiles of individuals and entities. LexisNexis categorizes its data for KYC purposes, so that it’s divided into 60 risk categories, including global sanctions, Politically Exposed Persons (PEPs), state-owned enterprises, registration lists and adverse media. Aside from KYC, they offer credit risk assessment and mitigation services.

SME Screener provides firmographic and company data for businesses of all sizes. SME Screener’s data coverage is focussed on Indian businesses and offers information for 100 million contacts in India, spanning 40 million separate companies. Data buyers rely on SME Screener for KYC, AML and enhanced due diligence.