Financial institutions have long prioritised improving compliance and enhancing customer experience when onboarding individual clients, a process known widely as KYC (Know Your Customer).
According to Muinmos, in recent years, the rise of advanced technology and a shift away from manual processes have helped many firms move closer to achieving STP (Straight Through Processing) for KYC onboarding.
Yet, while KYC has evolved rapidly, the same level of innovation has not extended to onboarding corporate clients — a process known as KYB (Know Your Business). Many institutions have operated under the belief that automating KYB is near impossible, due to the additional layers of complexity it involves. When onboarding businesses, firms must verify corporate structures, map out shareholders and UBOs (Ultimate Beneficial Owners), confirm directors, assess risk levels based on jurisdiction and sector, check for sanctions or negative media, gather financial data and carry out extensive screening.
Because of these challenges, KYB onboarding and lifecycle management have remained heavily manual, often dragging on for days or even weeks. This has become an increasingly pressing issue as companies face stricter sanctions regimes, faster client expectations, and the broader adoption of artificial intelligence.
Recently, though, financial firms have begun to recognise that automating KYB is not only possible but also crucial for keeping pace with market demands. This shift is driven by a notable rise in sanctions targeting corporates, the mass adoption of AI-powered tools, and the rising expectation from corporate clients that their onboarding should be as quick and seamless as that of individual clients.
Muinmos, a specialist in AI-powered client onboarding, reports that its clients have seen onboarding time reduced by up to 96% and costs cut by over 30% thanks to fully automated KYB processes. By connecting directly to corporate data sources, Muinmos’ platform handles multiple layers of due diligence with smart customer journeys tailored to each client’s risk profile.
Its AI-driven Client Risk Assessment engine is central to this transformation, helping financial institutions complete KYB checks far faster and with far fewer manual interventions. The result is true Straight Through Processing that transforms compliance while delivering the fast, frictionless experience modern clients expect.
As more institutions follow this path, KYB automation looks set to become the standard for corporate onboarding, bridging the gap that once left businesses lagging far behind their individual counterparts.
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