Algocandy

🔹 Definition Know Your Customer (KYC) is the regulatory and procedural process by which financial institutions and other regulated entities verify the…

🔹 Definition Know Your Business (KYB) is the process of verifying the identity, ownership structure, and legitimacy of a business entity before establ…

🔹 Definition KYC Verification is the process of validating the identity and legitimacy of a customer as part of Know Your Customer (KYC) requirements.…

🔹 Definition KYC Risk Rating refers to the process of assigning a risk level (typically low, medium, or high) to a customer based on the results of Kn…

🔹 Definition Jurisdiction Risk refers to the inherent level of money laundering, terrorism financing, sanctions, or regulatory risk associated with do…

🔹 Definition A Justiceable Beneficial Owner refers to a person who ultimately owns or controls a legal entity and whose beneficial interest can be leg…

🔹 Definition Just-In-Time (JIT) Onboarding refers to a flexible identity verification approach in which customer due diligence (CDD) or full KYC verif…

🔹 Definition Integration is the final stage in the money laundering process, where illicit funds—after being successfully placed into the financial sy…

🔹 Definition An Informal Value Transfer System (IVTS) is a method of transferring money or value that operates outside the formal financial system, su…

🔹 Definition Identity Verification is the process of confirming that an individual is who they claim to be, typically by validating their personally i…