What is KYC and KYB?

Written By Taryn Nelson ()

Updated at September 5th, 2023

Know Your Customer (KYC) and Know Your Business (KYB) are terms used to refer to the regulatory requirements that financial institutions and other types of organizations verify a customer’s (individuals or businesses) identity by assessing their credentials before providing services. By conducting KYC or KYB, organizations are better equipped to understand their customers and customers’ transactions helping to mitigate and manage financial crime risks.