KYB (Know Your Business)
Quick Answer
KYB is the compliance process of verifying a business entity's identity, ownership, and legitimacy before onboarding. Required by AML regulations for all crypto payment gateways.
Full Definition
Know Your Business is the compliance process of verifying the identity and legitimacy of a business entity before establishing a commercial relationship. KYB includes verifying company registration, identifying directors and ultimate beneficial owners (UBOs), checking sanctions and PEP lists, and assessing business risk. Crypto payment gateways like SpacePay perform KYB on every merchant they onboard to comply with anti-money laundering regulations.
Related Terms
Key Management
Key management is the process of generating, storing, and securing cryptographic keys for cryptocurrency wallets. Enterprise solutions include HSMs, MPC, and threshold signatures.
KYC (Know Your Customer)
KYC is the regulatory process of verifying individual user identity before allowing access to financial services, with requirements varying by jurisdiction and transaction volume.