How well do you know the concept of KYC (Know Your Customer)? KYC concerns all companies covered by the money laundering act, eg. banks and auditing firms. They must comply with the requirements of good customer knowledge and have a risk-based approach to their customers in order to prevent money laundering, among other things.
As a bank or a financial company, you are obliged to maintain good customer knowledge. This means, among other things, that you have to identify and verify the customer, check who the beneficial owner is, know their business and the purpose of it. It also requires continuous monitoring since a customer’s business might change.
At Roaring we have understood how difficult it can be to comply with the KYC requirements and we have therefore developed several services to make the whole process easier:
See all our services HERE.