KYC, or Know Your Customer, is a process used by businesses to verify the identity of their clients and assess potential risks of illegal intentions or money laundering activities. KYC checklists are used as part of this process to ensure that all necessary information is collected from the customer.
Here’s a basic checklist you can tick off for doing corporate KYC:
Company Details
- Company data (Date of Incorporation, Business Type, Company Website)
- Company documents (Proof of Incorporation, Proof of Address, Proof of Financial Liquidity)
- Company address (Address and Proof of Address)
Directors
- Director personal data (Nationality, Date of Birth, Residential address, Business Email, Position, Identity Document Number, Identity Document Information)
- Director documents (Proof of Director’s List, Proof of Identity, Proof of Residential Address)
Company Structure (including UBOs)
- Shareholder data (Personal data, Address, Identity Documents, Basic data for all related companies including Company Name, Registration Number, Business Type and Registered Address, Percentage of Ownership)
- Shareholder documents (For Individuals: Proof of Identity and Proof of Residential Address; For Companies: Proof of Incorporation, Proof of Address, Proof of Financial Liquidity)
Please note:
The KYC checklist may vary depending on the type of business, the jurisdiction, and the level of risk associated with the customer or transaction. It is important for businesses to follow KYC regulations and guidelines to prevent financial crimes such as money laundering, terrorist financing, and fraud.
