KYB (Know Your Business)


KYB, or Know Your Business, is a verification process that involves understanding the true nature and structure of other businesses with which you engage. This process includes verifying the identity of the business, understanding the nature of the business's activities, and assessing the integrity and reputation of the business.


KYB is particularly important in the financial sector, where companies must comply with anti-money laundering (AML) regulations and counter-terrorism financing (CTF) standards. By conducting KYB, companies can ensure they are dealing with legitimate entities and mitigate risks associated with fraud and financial crimes. This process is similar to KYC (Know Your Customer), but it focuses on business clients rather than individual consumers. KYB is critical for establishing and maintaining trust between businesses in all industries, ensuring that transactions and partnerships are conducted securely and ethically.