I’m not a bank. Is sanctions screening all I need for KYC/KYB?

Written By Taryn Nelson ()

Updated at August 25th, 2023

No, sanction screening is just one aspect of the KYC/KYB process. Corporations, non-bank financial institutions (such as corporates, nonprofit and fundraising platforms, financial institutions and other organizations) are required to undertake to ensure they are not providing services to sanctioned individuals or entities in accordance with U.S. and other jurisdictions’ laws. As more non-bank institutions engage in financial services operations, regulators expect them to have a full anti-money laundering / financial crimes compliance framework in place. Learn more about the different use cases and applications of our platform here.