KYC and KYB
Know Your Customer
Know Your Business
Anti-money laundering (AML) regulations require potential business partners to be checked for identity and authenticity, which prevents potential money laundering and terrorist financing activity. Know Your Business (KYB) is specifically centered around performing due diligence on a business you seek to onboard as your client.
To prove business ownership and control structure, it’s necessary to collect information on the business, its owners, and representatives, including but not limited to registration documents, company address, licensing documentation, and identity documents of natural persons.
KYB compliance is required for AML-regulated companies. This means that companies need to make sure that their business partners are verified and unaffiliated with money laundering and terrorist financing.
Know Your Business (KYB) and Know Your Client (KYC) are verification procedures made to ensure the authenticity of provided data. KYB focuses on company or supplier information, whereas KYC checks personal identity and documents.
In order to perform KYB verification, it’s necessary to collect identity documents from shareholders, UBOs, and representatives, along with acquirer statements, proof of address, and corporate documents intended to confirm the company's legal existence, details, ownership, and control structure.
Here’s how the verification flow works
Customize the onboarding flow
- Applicant uploads company and beneficiary data
- Verity One performs document verification, ownership, and control structure verification, registry checks, AML screening, as well as automatic KYC checks of beneficiaries
- Verity One's legal team reviews the check results
Full-cycle business verification
Streamline your KYB verification process! Delegate AML watchlist and registry
screening, beneficiary verification, and company structure checks
Business data updates
Verity One uses company data from both local and global registries, with more than 400M company profiles available
Screen entities for global sanctions, watchlist presence, PEPs and adverse media upon registration and on an ongoing basis
In-depth due diligence by Verity One’s legal team
Let Verity One’s compliance team take care of the corporate documents, ownership/control structures, and other data to ensure bulletproof adherence to any policy or jurisdiction.