Wednesday, June 3

Tag: Know Your Business KYB

Know Your Business KYB- Behind the Curtain
Business & Finance, Technology

Know Your Business KYB- Behind the Curtain

Know Your Business KYB  is the due diligence review of the business and industry against Money Laundering techniques. It allows you to develop policies and assess suspicious activities or transactions. Corporate businesses cab determine whether the business they are dealing with is legit or just a shell company that is present on papers through KYB checks.  In the UK, these regulations are defined by Electronic Identity Verification (eIDV) and 4th AML Directive by the European Union. These directives dictate the KYB regulations to corporate entities. In the US, Customer Due Diligence (CDD) measures are being imposed to determine the true ownership of a business.    From KYC to Know Your Business KYB:   The Bank Secrecy Act (BSA), introduced in 1970, is the United State...