What is a KYC check?
KYC checks enable companies to understand and confirm a customer’s identity, their financial activities, and the risk they pose:
- Verify the client’s identity using formal KYC documents. This process is required during onboarding.
- Due diligence checks assess a client’s activities and money laundering risk.
- Ongoing monitoring of customer activity, sometimes using Perpetual KYC.
These KYC checks ensure a customer’s authenticity and reduce the risk of fraud, money laundering, and other financial crimes.
What is a KYC document?
A KYC document is a document, typically a passport or driver’s licence, used to verify a customer's identity and personal details such as:
- Name
- Date of birth
- Address
Automated eKYC (electronic KYC) systems enable fast or real-time checking of these data documents.
What is a KYB check?
KYB, or Know Your Business, is the process to identify and verify a business or organisation, including the person/people who own or control that business. KYB checks confirm the nature of the business, it’s activities and customer profile, and is used to determine the risk associated with that organisation and the people behind it..
