You may have heard about KYC – Know Your Customer, but have you heard about KYB – Know Your Business ? Following the regulatory gaps and inefficiency revealed by the panama papers the Financial Crimes Enforcement Network (FinCEN) instituted reforms by introducing KYB in its revised CDD rules in 2016. KYB is an AML/CFT tool and regulatory compliance requirement for law firms, banks, financial institutions, and fintechs in respect of their potential customers/clients. Business due diligence is now mandatory to determine the status of the business and the ultimate business owners (UBO).
Here is a comprehensive article to get you started. Happy reading.
https://www.idenfy.com/blog/know-your-business-kyb/
P.S. How is your summer going? Don’t forget to hydrate and use sunscreen.
DrAlexanderGrey 