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Know Your Customer (KYC) is a process which requires companies who are active within the financial services sector to carry out due diligence on their clients, by verifying their identity and preventing identity theft, fraud, money laundering and terrorist financing.
These regulations require banks to perform ‘Customer Due diligence’ (CDD) measures such as
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Identifying and verifying the customer’s identity on the basis of documents, data or information obtained from a reliable and independent source;
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identifying, where applicable any beneficial owners and verifying their identities on a risk sensitive basis
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Obtaining information on the purpose and intended nature of the business relationship as well things like source/origin of funds. There are also additional enhanced due diligence requirements for Politically Exposed Persons (PEPs), specifically around source of wealth.
This also requires the Bank to understand the purpose and intended nature of the business relationship; this includes understanding where the customer’s funds and wealth come from. Following a risk based approach, Banks have to obtain sufficient information to develop a comprehensive profile of the customer and, where applicable any beneficial owners, and to understand the risks associated with the business to ensure it’s within appetite.
These checks and procedures are both required when an account is first opened and must be regularly monitored over time. This will often be at least annually but can be more frequent.
These requirements creates a lot of work and cost a lot of time for Financial Institutions. The goal of ERCE KYC Solutions is to assist the Financial Institutions in the KYC Process by providing several services.
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About Us
ERCE KYC Solutions stands out on its comprehensive and thorough approach in its service regarding the KYC process. Due to a number of years of experience in the field of the KYC process ERCE KYC Solutions has both the knowledge and expertise which we use to assists Financial Institutions. Our clients are our number one priority. Next to thoroughly evaluating our clients’ specific needs we also create customised solutions to fulfil them. We have experienced that developing personal and long-term relationships with our clients and maintaining a free and open exchange of information is key to understanding their needs and providing them with unparalleled service.
Our Services
Our services are designed to relieve clients of time consuming work, so they can focus their time, energy and resources on higher value added activities.
ERCE KYC Solutions provides the following services to their clients:
Temporary assignments and complex issues
ERCE KYC Solutions is capable of coming up with suitable solutions for temporary assignments and complex issues.
Assisting our clients with collecting the required KYC documents.
Due to a number of years of experience in the field of KYC process ERCE KYC Solutions has access to a wide range of company corporate registers to extract official up to date company reports, annual accounts, company profiles, company director details, shareholders information and other company related information.
AML screening for Sanctions, Watchlists, PEPs and Adverse Media.
ERCE KYC Solutions has number of years of experience in AML screening for Sanctions, Watchlists, PEPs and Adverse Media on individuals and legal entities.
Contact
For more detailed information about our KYC Solutions or any other questions, please complete the form below.