Glossary
KYC (know your customer)
KYC, know your customer, is the verification of an individual's identity and risk before and during a business relationship: identity document and liveness check, name, date of birth and address, screening against sanctions and politically exposed persons lists, and a risk rating that decides how closely the customer is monitored. Anti-money-laundering law requires it from obliged entities such as payment institutions, e-money institutions and banks for their own customers; merchants in regulated industries, such as gaming, run it on their players.
Who verifies whom
A wallet or an account provider verifies its account holders. A payment business verifies its merchants, which is KYB, and the individuals behind them. A merchant that must know its customers, a gaming operator, a crypto exchange, a lender, verifies them with its own KYC provider. A platform that only carries card and bank payments does not verify payers: the issuer and the bank have done that.
Risk-based
The law lets obliged entities scale verification to the risk: simplified checks for low-risk, low-value relationships, enhanced due diligence for high-risk customers, countries and transactions, and ongoing monitoring of the relationship rather than a one-off check.
On the platform
Tranzify does not verify payers’ identities. It gives the licensed client the onboarding of merchants with KYB documents and statuses, passes to providers the payer data their methods require, and keeps the limits, monitoring and journal the client’s own KYC and AML programme relies on.
Updated: 2026-11-08