AML and KYC are two processes used by financial institutions to protect against fraud and money laundering.
AML, or "Anti-Money Laundry" focuses on identifying, preventing, and reporting suspicious financial transactions.
KYC, or "Know Your Customer," is one of the basic principles of cryptocurrencies for verifying an individual's identity. It involves collecting and storing personal information to identify an individual.
KYB, or "Know Your Business," follows the same principles as KYC. It is essentially a due diligence process performed mandatorily by various financial institutions to verify and analyze a business. The KYB process focuses on verifying and identifying the company's founders and collecting identifying information to verify the legal status of businesses using cryptocurrencies.
KYT, or "Know Your Transaction", is a transaction check for dirty assets that shows whether the funds are legitimate or have any connection to financial crime. They are also called AML checks. This solution relies on machine learning and artificial intelligence to provide holistic information.
The KYT solution helps in monitoring and preventing fraudulent transactions. It helps protect you from additional law enforcement inquiries and freezing or loss of operating assets.