The process of onboarding a new entity or entering into a new business relationship traditionally involves substantial manual techniques that include intensive paperwork—from filling forms and checking boxes to performing thorough background checks. Entering a business relationship requires the same prudence exercised by many businesses for their B2C KYC risk mitigation. The regulatory environment, which includes the Payment Services Directive (PSD2), 5th Anti-Money Laundering Directive (AML5), and General Data Protection Regulation (GDPR), has further mandated business onboarding requirements. Know Your Business (KYB) is a process for identifying companies, their Ultimate Beneficial Owners (UBOs), CEOs, directors, and compliance adherence. |
