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Cindy van Niekerk, CEO, Umazi to remain a competitive and an attractive place to set up a business, then this must be addressed, and at speed.”
CFIT itself has established a working coalition bringing together over 70 leading financial, technology and regulatory institutions including Umazi to develop a definitive verification solution for businesses that will enhance trust, empower SMEs and deliver growth.
The CFIT whitepaper underscores the growing threat of economic crime, with fraud now accounting for nearly 40 % of all reported crimes in the UK. The lack of robust and universally accepted business verification mechanisms makes it easier for fraudulent entities to operate undetected. Digital company identification offers a scalable and efficient way to verify businesses in real-time, reducing the risk of fraud and financial crime.
“ We need a system that works across industries, enabling businesses of all sizes to establish trust quickly and efficiently. Right now, the verification process is fragmented and inconsistent, creating unnecessary delays and exposing businesses to risk. A digital company ID would be a game-changer in improving accountability and ensuring only legitimate companies can operate within the UK’ s business ecosystem,” van Niekerk continued.
A digital company ID would provide businesses, financial institutions and regulators with a unified and tamperproof method of verification. According to CFIT’ s findings, a well-implemented digital identification system could:
• Reduce financial crime by ensuring businesses are verified in real-time
• Increase trust and transparency in the UK’ s corporate ecosystem
• Improve efficiency in regulatory compliance and Know Your Business( KYB) processes
• Support international trade by aligning with global digital identity standards
“ For too long, businesses have struggled with outdated verification systems that slow down operations and increase exposure to fraud,” said van Niekerk.“ By implementing digital company identification, we can create
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