Why business verification is the new compliance baseline
In today’s fast-paced and highly regulated business environment, companies face mounting pressure to demonstrate robust compliance across every facet of their operations. From financial institutions to Fortune 500 corporations, the spotlight has shifted from traditional compliance measures—centered predominantly on Know Your Customer (KYC)—to a broader, more encompassing discipline: business verification. As regulatory bodies tighten their rules and cybercriminals grow increasingly sophisticated, the imperative for comprehensive verification of counterparties is no longer optional; it’s the new compliance baseline. This shift is particularly salient for customer onboarding, KYB (Know Your Business) processes, supplier risk management, and business fraud prevention strategies. Below, we explore why business verification is essential, how it integrates key practices such as secretary of state verification and third-party risk assessment, and why platforms like OneCredential are uniquely positioned to help organizations meet and exceed these evolving standards.