Know Your Customer (KYC) is a fundamental component of anti-money laundering (AML) compliance. Under UK regulations, businesses in regulated sectors must verify the identity of their customers, understand the purpose of the business relationship, and conduct ongoing monitoring.
KYC involves three levels of due diligence: Simplified Due Diligence (SDD) for low-risk customers, Standard Due Diligence (CDD) for normal-risk relationships, and Enhanced Due Diligence (EDD) for high-risk situations such as PEPs, high-risk countries, or complex ownership structures.
For corporate customers, KYC extends to Know Your Business (KYB) — verifying the company's registration, identifying beneficial owners (PSCs), understanding the corporate structure, and checking directors against sanctions lists and disqualification registers.
BORSCH.AI streamlines corporate KYC by providing instant access to Companies House data, PSC ownership chains, director networks, sanctions screening, and risk scoring across 53 government data sources — reducing manual verification time from hours to minutes.