In regulated industries — such as financial services, some verifications are commonly required before starting a business relationship. It is important to understand the customer profile for security reasons. Therefore, you need to know about KYB and KYC. Let's break down what these terms mean and how they differ.
Know Your Customer is like a checkup for businesses to know who their customers are. We collect and check IDs and addresses to keep the service clear, safe, and organized for everyone.
Know Your Business is like a business checkup. When a business wants to use our services, we look closely at their legal setup, who owns it, their financial background, and more. KYB shows us how the business works and if it follows the government's rules. See How would it take for my company to complete the KYB process? for more details about the KYB process and the document requirements.
|Who does it apply to
|Verify individual identity
|Verify business legitimacy
|Personal identification, proof of address, etc.
|Legal structure, ownership, financial details, etc
|Enforced by law and regulations
|Part of compliance when integrating services
|Transparency and security
|Ensures transparency, security, and compliance for individual customers
|Ensures transparency, security, and regulatory alignment for businesses
Updated 18 days ago