KYB

Know Your Business (KYB) is a regulatory process used by financial institutions and other regulated entities to verify the identity and legitimacy of corporate clients. KYB involves the collection and analysis of detailed information about a business, including its registration documents, ownership structure, key personnel, and financial records. The goal is to ensure that the business is legitimate, compliant with relevant laws, and not involved in illegal activities such as money laundering, fraud, or terrorism financing. KYB procedures are similar to Know Your Customer (KYC) processes but are tailored for business entities rather than individual clients. By conducting thorough KYB checks, organizations can mitigate risks, maintain regulatory compliance, and protect the integrity of the financial system.