What are KYC and KYB Requirements for Merchant Accounts?

KYC, or Know Your Customer, and KYB, or Know Your Business, are regulatory requirements used by banks and processors to verify the identity, ownership, and legitimacy of a business and its principals.

These requirements help prevent fraud, money laundering, and other financial crimes. Information reviewed may include business formation documents, ownership details, identification, and operating history.

KYC and KYB reviews are conducted by banks and processors. Easy Pay Direct helps merchants understand what information may be requested and why.