KYB: Unlocking Success in Partnership with Whitepay

WhitepayPosted 29.08.2023
WhitepayNewsKYB: Unlocking Success in Partnership with Whitepay
KYB: Unlocking Success in Partnership with Whitepay

Everything that potential Whitepay clients should know about the verification procedure for both legal and physical persons.

As companies are required to adhere to regulations such as Anti-Money Laundering and Countering the Financing of Terrorism, having a thorough grasp of the KYB protocol becomes extremely crucial.

What is KYB?

KYB, short for Know Your Business, is a verification standard designed to confirm the legal status of a client company and its compliance with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations. By adhering to KYB, business owners safeguard their interests and minimize interactions with potentially dubious shell companies.

Who requires KYB?

At Whitepay, we uphold strict compliance with current legislation. This makes the KYB procedure mandatory for all our partners who use:

  • Whitepay API to accept online cryptocurrency payments.
  • Third-party services. 

Please note that the documents needed for business verification might undergo changes or additions based on regulatory updates and Whitepay's internal policies.

If you want to discover more about the KYB process, please contact us via Telegram or Messenger. You can also reach out to us through email:

Do you want to use the full functionality of Whitepay without restrictions?

Complete the KYB

Conclusion: The Impact of KYB on Business Processes

Embracing the KYB procedure brings various advantages, extending beyond just identifying businesses involved in fraudulent or criminal activities. Here's why KYB is crucial:

  • Compliance with regulatory norms. 

The KYB process aids banks and financial institutions in meeting regulatory obligations, thereby lessening the potential for fines and penalties linked to adherence to AML and CFT policies.

  • Risk reduction. 

By verifying the identities of corporate customers, companies can mitigate potential risks associated with money laundering, fraud, and other financial threats. 

  • Enhanced business interaction. 

KYB enables the corporate client adaptation process to automate, fostering better interaction between businesses. 

  • Effective market and competitor analysis. 

Compliance with KYB empowers companies to gain deeper insights into their business partners and their behavior in the market.

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