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Business Services NewsletterVolume 12 Number 1 January 2005Business Services is composed of Purchasing Services, Telecommunications, Central Receiving & Shipping/Inventory Control, Mail Services,
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Know Your Business (KYB) services refer to the verification process that businesses undergo to ensure that they are legitimate and comply with regulations.
Businesses across various industries are required to file know your business services, particularly financial institutions and companies dealing with high-risk customers.
Know your business services can be filled out by providing detailed information about the company, its owners, stakeholders, and the nature of its business operations.
The purpose of know your business services is to combat money laundering, fraud, and terrorist financing by ensuring that businesses have accurate and up-to-date information on their customers.
Information such as company registration documents, identity proof of owners, financial statements, and beneficial ownership details must be reported on know your business services.
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