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Forty minutes per trade licence, multiplied by every counterparty you onboard

Counterparty due diligence still runs on manual document review. Trade licences, passports, registry extracts, ownership declarations, board resolutions. Someone opens each PDF, retypes the data, cross-checks the names and hopes nothing was missed. It is slow, and slow is where errors live.

· 2 MIN READ · BY THE KYCK DESK

The cost is not the reading, it is the retyping

An analyst reading one trade licence is not the problem. The problem is what happens around it: the same entity name typed into three systems, a registration number transcribed with a digit wrong, a shareholder list read from a scan and summarised from memory. Every retype is a chance to introduce an error that later looks deliberate in an audit.

Multiply that by every counterparty in a year and the number stops being an inconvenience. It is the reason onboarding takes days instead of minutes.

What extraction actually does

KYCK reads the uploaded documents and pulls out the fields that matter: the legal entity name, the registration number, the directors and the ownership. Those values pre-fill the file rather than being typed twice, and the reviewer confirms them instead of transcribing them. Where the counterparty typed a name itself, the typed name wins and the extracted value is offered as a suggestion, so an automated read can never quietly rewrite a legal name.

Extraction is the start of the chain, not the end

  • Business verification of the entity against official corporate registries.
  • Ownership mapped through the layers to the ultimate beneficial owners.
  • Sanctions, PEP and adverse media screening on the entity and its people.
  • Continuous monitoring, so a clean file today does not stay unquestioned tomorrow.

The result is onboarding measured in minutes rather than days, with a timestamped audit trail behind every decision. Know your counterparty before you sign, not weeks after. See how it runs in counterparty onboarding.

Sources

Related reading

Counterparty onboardingDue diligence checklistKYB API

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