Know Your Business (KYB) is an extension of standard KYC laws, focusing specifically on verifying the identity and legitimacy of corporate entities rather than individual consumers. It is a mandatory AML compliance requirement for acquiring banks, B2B payment providers, and marketplaces during the onboarding process.
The Complexity of KYB
KYB is significantly more complex than consumer KYC. Risk teams must verify the company's registration details, ensure they are in good standing with local governments, identify all Ultimate Beneficial Owners (UBOs), and screen the entire corporate structure—including parent companies and offshore subsidiaries—against global sanctions lists.
Automating Corporate Onboarding with Onlayer
Gathering corporate documents across borders takes days of manual effort. Onlayer plugs directly into leading data providers like Dow Jones and LexisNexis to automate the KYB process. It screens businesses and beneficial owners in real time against OFAC, UN, HMT, and EU watchlists, replacing slow manual reviews with instant, data-driven decisions that strictly assess merchant eligibility.
