KYB (Know Your Business)
Verifying business customers: who they are, who owns them and who acts for them.
Know Your Business is KYC for companies. A regulated firm checks that a business customer exists, understands its structure, identifies its beneficial owners and verifies the people who act on its behalf.
Typical KYB steps
- Confirming registration details from the commercial register.
- Mapping the ownership structure and identifying beneficial owners.
- Verifying the identity of directors, signatories or beneficial owners.
- Screening against sanctions lists.
- Assessing the risk of the business and its activities.
Where identity verification fits
KYB always ends with people. The individuals who own or control a company have to be identified, and remote identity verification is the usual way to do it.
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