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KYC FAQs

General AML questions

  • Will your system flag me items of suspicion?

    Our system will notify you of any adverse results that are identified as part of our case investigation. However, responsibility for reviewing the information collected and assessing the risk rests with you.

  • Can I use the collected data for AML in another bank/ firm ?

    The information we provide is provided solely to the party with whom Know Your Customer Limited has entered into a contract.  While there is significant interest in the development of “digital passports” to allow for the transfer of core ID information between service providers, data protection legislation, and who may be able to provide information to other parties, if very much still in the idea stage.  Know Your Customer Limited accepts no responsibility or liability for information provided by you to a third party.

  • How does your product comply with the legal requirement for a face-to-face meeting with the customer?

    AML legislation in all jurisdictions we cover makes provisions for undertaking KYC on customers who are not met face-to-face.

    Such customers are usually regarded as being higher risk.

  • What are PEPs?

    A PEP is defined as a Politically Exposed Person. The definition is usually set out in the anti money laundering laws of a jurisdiction and the general definition varies from jurisdiction to jurisdiction.

     

    The FATF recommendations define a PEP as “individuals who are or have been entrusted with prominent public functions in a foreign country, for example Heads of State or of government, senior politicians, senior government, judicial or military officials, senior executives of state owned corporations, important political party officials. Business relationships with family members or close associates of PEPs involve reputational risks similar to those with PEPs themselves. The definition is not intended to cover middle

    ranking or more junior individuals in the foregoing categories.”

  • Do you handle the AML Compliance for me or can I subcontract my AML functions to Know Your Customer?

    No. Under the laws and regulations, you are not able to delegate or outsource your AML function. KYCL provides you with the information you need on an individual and/ or corporate ownership structure to enable your in-house compliance team to make an overall decision with regard to the take on of the business. We do not advise as to whether or not you should take on the business.

  • Do you update your website with fresh items of AML interest?

    Yes, we regularly post news items of interest relating to updates, regulatory statements and other developments in relation to AML

  • Do you monitor changes in AML requirements for the jurisdictions you cover?

    Yes, we do monitor for proposed legislative or guidance changes in the jurisdictions that we cover and, where necessary, our search procedures and jurisdiction fact sheets are updated accordingly.

    However, we do not provide advice in relation to any changes. You should consult your relevant advisor should you require advice in relation to any proposed changes.

  • Do your processes comply with Anti Money Laundering laws and regulations?

    Yes, we are experienced KYC and AML practitioners and designed the processes to be fully compliant. But you don’t need to rely on our word: We asked reputable legal companies in key markets to review the system and their verdict was the same: Fully compliant.