It is a requirement to use KYT and KYC if you want to work with banks?
Yes. Ivy needs Know Your Customer (KYC) to satisfy Bank Secrecy Act (BSA) and global AML requirements hashed into the blockchain and accessible as required.
And what about KYT? It is needed too?
How to understand the KYT mentioned in the article? Some can't understand
Know Your Transaction (KYT): KYT information includes details such as the type of transaction (for example, whether the
transaction involves cash, foreign wire payments, or cheques), the recipient of the funds (including its address as reported by
the sender at the time of instruction), and details included in the transaction memo.