What is the difference between Know Your Customer (KYC) and Know Your Business (KYB)?

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.

KYC

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.

KYB

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.

Key Differences

Aspect	KYC	KYB
Who does it apply to	Individual customers	Business entities
Purpose	Verify individual identity	Verify business legitimacy
Information collected	Personal identification, proof of address, etc.	Legal structure, ownership, financial details, etc
Regulatory requirement	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