Know Your Customer

KYC policies are essential to any type of business especially financial institutions but also beneficial to companies of all sizes. A wrong decision about accepting a client or dealing with the wrong consultant could be the downfall of your business. An inadequate or non-existent KYC system can result in the firm being subject to civil and/or criminal penalties.

Know Your Customer policies are becoming increasingly important globally to prevent identity theft, financial fraud, money laundering (AML) and terrorist financing (CTF).

KYC Plug-In features

  • Collect and analyse basic identity information about the client
  • Know the integrity of the client
  • Keep an eye on the number of risk factors which the client might run into and categorise clients depending on their risk level assessment
  • Keep track of the client’s industry involvements, markets and business models
  • Main business activities
  • Main suppliers/clients
  • Client’s Relations with other companies
  • Corporate structure
    • Shareholding of the Company
    • Sources of Wealth
  • Keep a log of last performed due diligence report
  • Keep a record of their Profit History

 

 

 

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