Know Your Customer (KYC) and Know Your Business (KYB) are no longer something that only banks need to be concerned about. Finance is growing beyond banks, and regulators are now requiring traditional and non-bank financial institutions such as money remitters, payment service providers, payment processors/facilitators, and crowdfunding platforms to screen and verify the identity of their customers.

In many jurisdictions, and the list is growing, fintech companies, cryptocurrency exchanges, peer-to-peer payments, and block-chain enabled payment networks must also obtain KYC and KYB information, perform basic to enhanced due diligence, and perform transaction monitoring for crypto and fiat currencies.

Regulatory compliance goes beyond KYC and sanctions. Regulators expect Comprehensive and Standardized coverage.