KYB, or Know Your Business, is the process of verifying and validating the
identity and legitimacy of business entities. While it may not always be a
regulatory mandate, many industries and regions require businesses to perform
KYB checks to prevent financial crimes, adhere to Anti-Money Laundering (AML)
regulations, and maintain compliance.
Failing to conduct KYB checks can result in severe consequences, including
legal penalties, financial losses due to fraud, damage to your organization's
reputation, and non-compliance with regulatory requirements.
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