Journal Riders Blog

 AsiaVerify ( https://www.asiaverify.com ) is a RegTech company, incorporated in Singapore, focused on building an automated, simplified and streamlined solution for risk mitigation and compliance systems in an effort to increase trust and safety when you are doing business in Asia. AsiaVerify was founded by CEO Ficoal Dong and provides an online platform with access to the most legally authoritative and compliant sources, to instantly verify businesses, consumers and employees online.

 Financial crime is a threat for every company, person, and economy worldwide. Criminals like to play on weaknesses and string stories that seem plausible, just to hide their true intention — getting away with crime. China has always had their own ways when it comes to business, believing in guanxi (having personal trust) and privacy. The problem with guanxi in our modern times is the space it gives for corruption and crime. In recent years China has changed their rules and standards to form a cohesive China company check. China kyb (know your business) has become quite similar to the global Customer Due Diligence standards. What is KYB in China The international organisation in charge of Anti-Money Laundering (AML) laws, the Financial Action Task Force (FATF) did a follow-up report on the status of China’s AML initiatives to find that China now has a rather better grasp on the regulations. Know Your Business (KYB) procedures have now improved in China — now mandating AML l...