Know your business (KYB)

This refers to the security practice that is carried out by companies in compliance of Anti-Money Laundering regulations that entails a due diligence review of businesses that they deal with. AML regulations require companies to verify the identity of other companies or suppliers and establish their authenticity as a means of preventing money laundering and terrorist financing acts. KYB focuses on revealing ultimate beneficial ownership (UBO) to see who benefits from financial activities of suspicious businesses.

Previous: Internal Revenue Service (IRS) Next: Know your customer (KYC)