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At Byzantine Finance, compliance and security are our priority. To meet global Anti-Money Laundering (AML) standards and ensure safe financial operations, we follow strict Know Your Customer (KYC) and Know Your Business (KYB) procedures. The KYC and KYB processes are regulatory requirements designed to protect the financial system from risks like money laundering. They require financial institutions to establish who their customers are and to understand the type of financial activity they are engaged in. These processes are typically carried out when onboarding a new user and continues throughout the business relationship.

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Know Your Customer (KYC)

KYC focuses on individuals. It is the process of verifying a customer’s identity and monitoring their financial activity to ensure funds come from legitimate sources. Key elements of KYC include:
  • Collecting and verifying personal identity documents (passport, ID card, proof of address).
  • Screening customers against sanctions lists and Politically Exposed Persons (PEP) lists.
  • Monitoring financial activity to detect unusual or suspicious transactions.
  • Assessing risk before lending or engaging in financial activity.

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Know Your Business (KYB)

KYB applies when dealing with companies or institutions rather than individuals. It plays a similar role to KYC, but focuses on verifying that a business is legitimate and not being used as a front for illicit activity. Key elements of KYB include:
  • Verifying company registration, incorporation documents, and business address.
  • Identifying ultimate beneficial owners (UBOs) and major shareholders.
  • Screening both the company and its owners against sanctions lists, PEP lists, and adverse media coverage.
  • Monitoring transactions on an ongoing basis to flag suspicious activity.