Know-Your-Business -Processes (KYB): Designing them to Comply with the Anti-Money Laundering ActKnow-Your-Business -Processes (KYB): Designing them to Comply with the Anti-Money Laundering Act

In an increasingly digitalized business world, reliable Know-Your-Business (KYB) processes are essential for preventing money laundering, financial fraud, and reputational risks. This white paper highlights the legal requirements for KYB in accordance with the Money Laundering Act (GwG) and presents practical solutions for identifying legal entities and their beneficial owners. It addresses challenges such as complex ownership structures, lack of data availability, and technological integration hurdles.

The white paper also shows how corporate identification with CorporateID from WebID can be used to implement the key steps of KYB checks efficiently and in a legally compliant manner based on primary government sources. It also shows how KYB processes can be implemented in a future-proof and trust-building manner in the B2B environment in the financial sector.