When I’m using technology for KYB vetting, am I free from liability? Can I hold the technology provider responsible if I’m penalised or prosecuted?
You shouldn’t rely on the technology provider to be responsible for your actions. When you use technology for Know Your Business vetting, you are still liable. Technology is there solely to help you automate and streamline the KYB vetting process, but your company is ultimately responsible for ensuring that it complies with regulations.
No matter your technology, your company may still be held liable if prosecuted or penalised for non-compliance. But your company may be able to hold your technology service provider liable if they fail to deliver services or products as agreed in your contract. Your company can seek compensation for any losses or damages due to their failure to deliver.
It’s important to carefully look over the terms of your contracts with technology service providers and make sure they can give you the services and help you need to meet KYB vetting regulations.
Technology service providers and database providers depend on the availability and accessibility of public data. Data quality is challenging, and human intervention is needed to analyse and assess the findings and gaps in the available data. What trend do you see here for the future?
It is quite a challenge for providers to consistently deliver accurate and reliable results due to the inconsistent accuracy and completeness of available data. But technology will continue to play a critical role in improving data quality for KYB and regulatory compliance. With the help of machine learning and other innovative technologies, data collection and analysis can be automated, improving the accuracy and completeness of results. And humans will continue to take those findings from data sources and fill in any gaps.
While not perfect, the process is efficient, and technology itself has been shown to improve data quality and reliability. As such, technology will continue to be used in conjunction with human intervention to verify and interpret data.