BOOst Your KYB: A Spooky Tale of Compliance and Killer Tips

Elizaveta Vasileva, Anastasia Shvechkova
38 min
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BOOst Your KYB: A Spooky Tale of Compliance and Killer Tips

In the spirit of Halloween, let’s confront the boogieman of compliance—business verification (a.k.a. Know Your Business).

KYB can be a real nightmare; the process is tricky, time-devouring, and dreadfully misleading. To comply with AML laws, legal teams find themselves stumbling over documents from multiple sources, navigating through foreign-land databases, and hunting down UBOs to de-tangle the data obscurity. So, no wonder, many fall down the ghastly rabbit hole of regulatory demands. 

Unfortunately, failing to meet KYB requirements is not your typical campfire story, but in fact, a real one. So, instead of just a tingling spine, you could come down with restrictions, fines, and devil forbid, a tarnished reputation. 

Let’s go trick or treating and discuss:

– What a KYB check is, and those who are bound to adopt it?
– KYB types, stages, and methods;
– Which documents you should request;
– Which factors cause KYB-related confusion;
– How to turn your AML policy and processes into a trouble-free digitalized workflow.
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