for corporate clients

Know Your Customer for business customers of online crypto exchanges entails verifying the identity and ownership of businesses, assessing their risk profile, and ensuring compliance with anti-money laundering and counter-terrorism financing regulations. This involves gathering and verifying legal documents, conducting identity checks on key individuals, and monitoring transactions to prevent illicit activities. KYC helps maintain the exchange's integrity and regulatory compliance while reducing the risk of financial crimes.

KYB, or Know Your Business, is a crucial process to verify the identity and legitimacy of corporate clients. KYB involves gathering and verifying essential information about a business entity. This typically includes verifying its legal registration, ownership structure, business activities, and compliance with relevant regulations. KYB is critical for mitigating risks, preventing financial crimes, and ensuring transparency in business relationships, such as opening a business account or providing financial services to other businesses.

Know Your Transaction is a process used to monitor and analyse the transactions conducted by business clients in real-time. This proactive approach helps detect and prevent suspicious or potentially illegal activities like money laundering, fraud, or terrorist financing. KYT continuously monitors transaction data, including the source of funds, transaction patterns, and counterparty information, to promptly identify any unusual or high-risk activities. By implementing KYT, Praxon enhances its compliance with anti-money laundering (AML) regulations. It maintains the platform's integrity, fostering a safer and more transparent environment for business clients engaging in cryptocurrency transactions.