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Know Your Business

 

Know Your Business (KYB) is a due diligence process implemented by financial institutions and service providers to verify and authenticate the identity and legitimacy of corporate entities or businesses. KYB involves collecting and verifying information about a business, including its registration details, ownership structure, financial standing, and business activities.

This process aims to assess the potential risks associated with engaging in business relationships, ensuring compliance with regulatory requirements, and preventing fraudulent activities such as money laundering and financial crimes.

KYB is crucial for establishing transparency in business transactions, enhancing the integrity of financial systems, and fostering trust between businesses and their partners. As part of a comprehensive risk management strategy, KYB enables organizations to make informed decisions when onboarding new business clients, mitigating risks associated with financial transactions and business collaborations.

 

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