But businesses can't usually verify whether a place exists. The best they can usually do is to verify whether a place has an entry in their database of supposedly all places that supposedly existed at a point in time that is necessarily in the past.
That's not the same thing. Trust me, I would know: I live in a new-ish building, and for at least two years after it was completed and people were living here, some businesses still refused to take my money because they claimed that my address didn't exist. That was neither in their interest nor in mine.
> Also, some KYC requires that you verify the address of the person.
Define "verify". Verify that they provided some address that exists somewhere, possibly unconnected to the person? Worthless. Verify that they can receive mail at said address? OK, but doesn't require you to parse the address, just to print it onto a label and let the post office worry about it.