How to Conduct KYB: A Complete Step-by-Step Guide

Know Your Business (KYB) is the process that entities adopt to verify a customer’s identity and confirm the legitimacy of their business operations when engaging with legal entities. Supported by AML solutions, KYB helps businesses ensure they engage only with genuine customers while avoiding customers associated with financial crimes. To conduct KYB in an effective manner, the following steps must be adopted:

• Conducting business identification and verification through reliable documents such as Certificate of Incorporation, Articles of Association, etc
• Understanding the ownership structure of the customer and conducting KYC for their Beneficial Owners.
• Performing KYC of associated parties of the customer, such as authorised signatories and agents

In our latest video, AML consultant Ms. Muskan Acharya discusses these steps in detail and explains how AML software supports the KYB process. Watch our video now to gain in-depth insights into conducting the KYB process.