1.
Know Your Customer vs.
Know Your Business
What’s The Difference?

2.
In 2020, it was estimated
that financial institutions
across the globe were
fined approximately
$11bn for regulatory
non-compliance
including Anti-Money
Laundering (AML) and
Know Your Customer
(KYC).
- Biometricupdate.com

3.
Know Your Customer
Know Your Customer (also known as
KYC) is an obligation that regulated
businesses need to satisfy by
verifying their customers before
opening an account or processing
a transaction such as a property
purchase.

4.
Customers typically have to supply
proof of identity, proof of address and
sometimes other pertinent information
related to the situation at hand.
A solicitor processing a house sale
may request bank statements proving
the source of funds as part of the KYC
checking process.

5.
Know Your Business
Know Your Business (KYB) is the
method enlisted by banks, financial
institutions and corporate entities
to get to know the businesses and
corporate entities with whom they
seek to do business.
This mandatory process ensures
compliance with anti-money
laundering and due diligence
requirements.

6.
You must make sure
that your business
has adequate internal
controls and monitoring
systems.These should
alert you and other
relevant people in your
business if criminals try
to use your business for
money laundering.
- HMRC via Gov.uk

7.
KYB
KYC
Basic ID checks
Credit checks
PEPs and
sanctions
UBOs and
PSCs
Financial
reports
Adverse media
Richer data
High volume of
checks
PEPs and
sanctions
A KYB check on one business can incorporate
dozens of individual checks of both the entity
itself and its associated stakeholders.

8.
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