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KYC and KYB (Know your Customer/Business)
Know Your Customer (KYC) and Know Your Business (KYB) are the processes whereby a firm identifies and verifies it's individual (KYC) and business (KYB) clients. All regulated businesses must do KYC and KYB checks to assess the suitability of their clients and potential clients and identifying Persons of Significant Control (PSCs), officers and Ultimate Beneficial Owners.
To perform KYC and KYB checks - also known as Customer Due Diligence - firms need to identify the client and then verify that they are who they say they are. To do this, the firm will need to obtain details about the individual or business. For individuals this will be their name, date of birth and address from individuals. For businesses, this will involve checking the company is registered with Companies House, identifying persons with significant control, officers and ultimate business owners within the company, as well as looking at the company's annual returns and statements.
While most regulated businesses will do their KYC and KYB checks manually - using physical ID documents such as passports and driving licenses and checking names against sanctions and PEPs lists - it is quicker and more reliable to use an electronic platform. This will cross-check the details given with multiple data sources (including Companies House, Experian and Equifax and Dow Jones PEP and Sanctions lists) to ensure the most accurate pass rate.
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