Each review doesn't count as a single business entity, there are several checks within a business case which each require manual review. Plus often there is a lot of back and forth with customers, which is a multiplier.
UK is a poor example as yes indeed companies house is a central registry. In the UK the manual review is generally proving operating address and operations in general.
A good example for incorporation is Delaware in the US which has no information on the status of a company, so it could in-fact be inactive/dissolved. In this situation an additional proof of operations or good standing certificate is needed to verify the entity is active. In other jurisdictions the registry data is not even present so a certificate is needed. In most US states registries take a while to update so a brand new business would need a certificate.
AI is needed to evaluate proof documents, websites, web presence, social profiles. The list goes on.
I wish it were as easy as just using data + rules! If it were, you wouldn't have fintechs with teams of 10s or even 100s of compliance analysts doing this stuff!
Each review doesn't count as a single business entity, there are several checks within a business case which each require manual review. Plus often there is a lot of back and forth with customers, which is a multiplier.
UK is a poor example as yes indeed companies house is a central registry. In the UK the manual review is generally proving operating address and operations in general.
A good example for incorporation is Delaware in the US which has no information on the status of a company, so it could in-fact be inactive/dissolved. In this situation an additional proof of operations or good standing certificate is needed to verify the entity is active. In other jurisdictions the registry data is not even present so a certificate is needed. In most US states registries take a while to update so a brand new business would need a certificate.
AI is needed to evaluate proof documents, websites, web presence, social profiles. The list goes on.
I wish it were as easy as just using data + rules! If it were, you wouldn't have fintechs with teams of 10s or even 100s of compliance analysts doing this stuff!