KYC is the process of collecting identification information and verifying its validity and legitimacy in order to establish and/or maintain a business relationship. The purpose of KYC is for you to know who you are conducting business with to mitigate money laundering, terrorism financing and sanctions risks, and to comply with local and international regulatory requirements.
The KYC process involves 2 main parts as follows:
1. Collection of identity information; and
2. Verification of that information via documentation.
Depending on the type of your customer, e.g.individual or corporate, and based on a risk-based approach, the identity information to be collected must include the following:
|
Individuals VS Corporates | |
|
Full Name |
Full Legal Name ber |
Similarly, depending on the type of your customer, and based on a risk-based approach, the identity verification documents required include:
|
Individuals VS Corporates | |
|
Passport copy |
Memorandum of association |
As part of the KYC process, you are also e...