Fintech companies need to have proper KYC, KYB, and KYT management. It helps prevent money laundering and protect customers' funds in the best possible way.
KYC (Know-Your-Customer) policy and management
The KYC Policy for a fintech company usually consists of four key elements:
- Customer Acceptance Policy;
- Customer Identification Procedures;
- Monitoring of Transactions;
- Risk Management.
Companies usually use software for KYC that checks customers’ information. When new customers register on the company website, they submit their personal information and upload documents. Then the program checks automatically if their documents match the information they provided and compare their information with databases of criminals and PEP (politically exposed persons). Complex cases are handled by staff manually.
KYB (Know-Your-Business) policy and management
KYB Policy is similar to KYC policy but is focused on dealing with business customers instead of individuals. KYB is a company’s regulatory obligation to verify the identity of business customers.
There are also digital KYB solutions. They help to reduce costs, eliminate bureaucracy and develop control methods that are safer and more reliable than traditional identification methods.
KYT (Know-Your-Transaction) management
KYT is the process of evaluating financial transactions for fraudulent or suspicious activity, such as money laundering. As cryptocurrency use grows, it is critical for institutions to be able to drill deep into crypto transactions for evidence of financial crimes.
Blockchain businesses perform KYT for transactions in virtual assets. They use blockchain networks to check the origin of transactions.
The Sino Fintech team can help you with KYC, KYB, and KYT management.
KYC (Know-Your-Customer) policy and management
The KYC Policy for a fintech company usually consists of four key elements:
- Customer Acceptance Policy;
- Customer Identification Procedures;
- Monitoring of Transactions;
- Risk Management.
Companies usually use software for KYC that checks customers’ information. When new customers register on the company website, they submit their personal information and upload documents. Then the program checks automatically if their documents match the information they provided and compare their information with databases of criminals and PEP (politically exposed persons). Complex cases are handled by staff manually.
KYB (Know-Your-Business) policy and management
KYB Policy is similar to KYC policy but is focused on dealing with business customers instead of individuals. KYB is a company’s regulatory obligation to verify the identity of business customers.
There are also digital KYB solutions. They help to reduce costs, eliminate bureaucracy and develop control methods that are safer and more reliable than traditional identification methods.
KYT (Know-Your-Transaction) management
KYT is the process of evaluating financial transactions for fraudulent or suspicious activity, such as money laundering. As cryptocurrency use grows, it is critical for institutions to be able to drill deep into crypto transactions for evidence of financial crimes.
Blockchain businesses perform KYT for transactions in virtual assets. They use blockchain networks to check the origin of transactions.
The Sino Fintech team can help you with KYC, KYB, and KYT management.