More and more complicated regulations are being placed on businesses of all types. “Money Laundering Regulations 2007”, “MiFID Client Verification and Classification”, and “Sarbanes Oxley Legislation” are just a few of the many rules in place that require thorough information collection and precise reporting. D&B has designed and developed solutions to help your company meet these specific regulations.
Can you answer “yes” to all of the following questions?
1 |
Do you have a risk-based anti-money laundering policy that outlines the scope of due diligence, based on risk assessment and dependent on customer type, business relationship, product, or transaction? Does the policy offer guidance (for new customers as well) as to a) how you identify the company, b) how you verify its identity, and c) how you check for it in the relevant sanction and/or PEP lists?
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Do you have a means of implementing and structuring your policy in order to ensure that it is used in all cases? In particular, what practical steps have you taken to simplify or enhance due diligence?
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3 |
Can you find the official registered name and address for every company as well as the address out of which the company operates?
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4 |
Can you find out the names and backgrounds of the decision makers?
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Can you identify everyone who owns more than 25% of the business?
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Do you know how the necessary investigations into decision makers and beneficiaries will be carried out?
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Are you able to identify corporate family relationships? For example, is the company independent or a subsidiary of a multinational corporation? If the company is part of a complex corporate structure, what investigations will you make in order to map out the corporate hierarchy?
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8 |
Do you know the form of the company's legal identity?
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9 |
Do you have reliable sources you can use to triangulate verification of the company, for example central regulatory bodies or stock exchanges?
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10 |
Are you able to document and archive your identification procedure in order to prove at any given time that you have been in compliance with the applicable regulations? Do you have a procedure for monitoring all of the above points? |
Know Your Customer: Quick and Cost Effective
Know Your Customer (KYC) helps ensure that you are always in compliance with the regulations while freeing up resources in the company's budgetary division.
KYC is available both as a batch delivery and online.
Learn About Your Business Partners
Global Reference Solution provides access to information on over 200 million businesses as well as corporate family relationships in more than 7.5 million companies in 240 countries.
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