Accurately verify customers anywhere
Screen users against over 1100+ global sanctions, PEP, adverse media watchlists and 170K+ news sources.
Verify users against reliable government sources
Accurately match faces for user-friendly authentication
Access reliable records from Africa's business registries
Automatically spot anomalies to prevent fraud on your platform
Easily confirm bank account ownership
Validate phone number records in South Africa, Nigeria, Tanzania, Uganda and Kenya
Screen users against over 1100+ global sanctions, PEP, adverse media watchlists and 170K+ news sources.
Retrieve personal information from government records and match a selfie to official ID photo.
Match personal information against official government records.
Confirm the identity of an existing user.
Enhanced DocV authenticates and cross-references documents with government databases in one step.
Retrieve business records and stakeholder information from the official business registry
Identify users attempting to create multiple accounts using facial biometrics.
Retrieve personal information from official government records.
Verify the authenticity of an ID document and match a selfie to the ID card photo.
In the context of Anti-Money Laundering (AML) regulations, beneficial ownership refers to the natural person(s) who ultimately owns or controls a company, trust, or other legal entity. These individuals hold a significant interest in the entity, often exercising control over its financial activities and decision-making processes.
Identifying and verifying the true beneficial owners of your customers is not just a regulatory requirement, but also a critical tool in combating financial crime and fostering a more transparent business environment.
Beneficial ownership transparency helps to:
By identifying the true owners of companies, authorities can better track suspicious financial activities and prevent criminals from hiding behind complex corporate structures.
Knowing who ultimately benefits from a business transaction helps identify potential conflicts of interest and mitigate the risk of corruption.
Transparency around beneficial ownership fosters trust in the business environment and attracts legitimate investors.
A growing number of African countries are implementing regulations that mandate the identification and verification of beneficial owners. These regulations vary by country but typically require businesses to collect and maintain accurate information on their beneficial owners, including:
Full name
Nationality
Residential address
Percentage of ownership or control
Our Business Verification Solution, offers efficient tools to collect and verify beneficial ownership information during customer onboarding, ensuring compliance from the outset. Here’s how it works:
You can make a Business Verification query using only a business registration number. The results will detail the business information and any available stakeholder and UBO information.
Verify stakeholders from the result in step 1 against government databases or run a document verification on them using their official ID document.
Match the results to confirm the identity of the beneficial owner matches both the business and official identity records.
Businesses can perform this via our no-code platform or API/ SDK integration. Book a free demo today to learn more.
Beneficial ownership transparency is a cornerstone of a healthy and secure business environment in Africa. By complying with BO regulations and partnering with a trusted IDV company like Smile ID, you can demonstrate your commitment to combating financial crime, fostering trust, and operating within a transparent legal framework.
We are equipped to help you level up your KYC/AML compliance stack. Our team is ready to understand your needs, answer questions, and set up your account.