Know Your Customer and Know your business

"Know Your Customer" (KYC) and "Know Your Business" (KYB) are crucial processes for financial institutions and businesses to verify the identity of their clients and understand the nature of their business relationships. KYC involves gathering information about customers to ensure they are who they claim to be, to prevent fraud, money laundering, and other illicit activities. KYB extends this concept to businesses, ensuring that companies are legitimate entities with transparent ownership structures and business practices. These processes help build trust, mitigate risks, and ensure compliance with regulatory requirements, ultimately safeguarding the integrity of financial systems and business interactions.