Related Terms
DEFINITION
KYB (Know Your Business)
Similar to KYC but for corporate clients, KYB involves verifying the business entity, identifying its ultimate beneficial owners, understanding its corporate structure and operations, and assessing the potential risks it poses.
Synonyms
Business Verification, Corporate KYC
Acronyms
KYB
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Synonyms
Business Verification, Corporate KYC
Acronyms
KYB
Examples
When onboarding the new corporate client, the bank conducted KYB checks to verify the company’s registration and identify the ultimate beneficial owners.
FAQ
How does KYB differ from KYC for individual clients?
KYB focuses on verifying the business entity, identifying beneficial owners, and assessing the company's activities and risk profile.
What documents are commonly required for KYB?
KYB often requires corporate registration documents, ownership structure charts, financial statements, and identification of key controllers.
How can banks verify corporate ownership structures?
Banks can use corporate registries, request documentation from the client, and use public data sources to map out ownership chains.
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