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A Guide to Optimizing Your KYB Process

The Pros and Cons of Building In-House, Single Partnerships, or Waterfalled Data

KYB, or Know Your Business, represents the obligatory legal and regulatory framework binding specific financial institutions (FIs) to establish a systematic procedure for verifying business customers, confirming the identities of the business's managers and owners, and potentially engaging in continuous risk monitoring and evaluation over time. KYB poses considerable cost and time challenges due to its intricate verification demands. While these rules are relatively recent, having been introduced in 2016, they continuously evolve with the issuance of fresh regulations and guidance.

This guide explains the three different options FIs have in meeting their KYB compliance and customer onboarding goals.

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