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Know Your Customer (KYC) Verification

The main objectives of a KYC verification to prevent money laundering, terrorist financing, and other illicit activities while ensuring compliance with local and international regulations.

KYC process include

  1. Client Identification: this is done through official documents such as passports. Address verification and other contact details will form part hereof as well.
     

  2. Risk Assessment: this is based on various factors, including their background and jurisdiction of origin.
     

  3. Source of Funds Verification: this includes verification of client’s financial activities to ensure the legitimacy of their wealth and assess the risk of potential illicit funds. This involves verifying the source of funds and understanding the nature of their business activities.
     

  4. Enhanced Due Diligence: For medium and high-risk clients an enhanced due diligence will be conducted, which involves gathering additional information and documentation, verifying the client’s beneficial ownership structure, and assessing any potential PEP connections.

Conclusion

Through stringent due diligence procedures and ongoing monitoring, trust
companies can safeguard the interests of their clients while adhering to regulatory
requirements.

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