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‘Know your customer’ now extends well beyond just verifying
who they are and where they live. International standards now look to financial
institutions documenting source of wealth, occupation, reasons for doing
business with you, transaction profiling and ongoing monitoring. |
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KYC offshore has developed an expertise in searching through the vast amount
of information which is available, to identify the particular parts that
are relevant to your enquiry. |
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In depth KYC reports include all of the above plus business history, past
litigation, worldwide media search over past 15 years and the background
to particular financial transactions if required. |
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Residents of so called "High Risk" countries require great care
and "enhanced" monitoring. Information is typically difficult
to get hold of and verify, but can nevertheless be obtained. |
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"Politically Exposed Persons" can be identified, their position
in their country of residence verified and their future activities monitored. |
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KYC reports
The following report levels can be provided by KYC offshore:
Level 1 – Verification where possible of all identification
documentation provided by client, highlighting any discrepancies, advising
existence of relevant media coverage, advising existence of additional information.
Level 2 – As Level 1 plus investigation of discrepancies,
retrieval and editing of relevant historical media reports, details of any
disqualifications or bankruptcy proceedings.
Level 3 – As level 2, plus identification of aliases,
cross verification of business history, business connections, reputational
issues, past litigation, relevant intelligence from country of residence,
provenance of funds etc - in short, a very detailed KYC report.
A standard format for particular reports can be agreed with the enquiring
institution |
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