In today’s interconnected global business landscape, transactions that were once conducted face-to-face now occur at the click of a button or through email. While this shift brings convenience for clients, it also poses challenges for businesses to safeguard against money laundering, criminal activities, and other malicious threats. As a fully licensed and regulated corporate services provider and accountancy firm, our commitment to maintaining the highest standards of integrity is paramount. Our aim is ensuring Transparency and integrity for our clients and our firm.
Our dedication to trust and understanding in client relationships is underpinned by stringent due diligence policies and procedures, coupled with comprehensive training on anti-money laundering and counter-terrorism financing risks for our team. Central to our approach is the implementation of our own Know Your Client (KYC) policies and procedures, serving as a protective measure for both our organization and our clients.
Thorough KYC involves a multifaceted understanding of individuals, companies, businesses, and the source of funds. This not only ensures compliance with Maltese and EU law but also establishes transparent, honest, and efficient relationships. Before onboarding a new client, we require a set of essential documents to engage fully with their requests, including proof of identity, proof of address, bank references, professional references, bank statements, curriculum vitae, and a relevant business plan. The requested documents, though seemingly burdensome, are integral to our work and generally include:
- Proof of identity, such as a valid government-issued ID card or passport.
- Proof of address, such as a utility bill, no older than three months.
- Bank reference or professional reference and six-month bank statements.
- An up-to-date curriculum vitae.
- A business plan tailored to the client’s business.
All documents must be submitted in their original form or as certified copies by a lawyer or notary. In certain cases, additional documents may be requested on a case-by-case basis to ensure thorough coverage.
While the document submission process may seem inconvenient to some, it is a fundamental aspect of our work. Gathering this information is essential for us to know and understand our clients fully. Requesting these documents serves as a vote of confidence, affirming our commitment to abiding by rules and taking our clients and our relationships seriously. In other words, building confidence with the client through compliance.
In a business landscape marked by increased digitisation and global transactions, the emphasis on KYC cannot be overstated. By prioritising transparency, adhering to regulations, and engaging in comprehensive due diligence, we not only protect our organisation but also strengthen the foundation of trust with our valued clients.
Fairwinds Management Limited is a MFSA licensed firm offering Business Solutions in Malta. As part of our services, we offer Accounting, Administration, Corporate and Legal solutions. Fairwinds Management also manages the brand Accounting Services. More information about us and our key services please visit our website. You may reach Fairwinds Management on +356 2704 0903 or email@example.com.
Article written by Ms Charlene Sciberras, B.A. (Hons), guest writer, a marketing and business administration specialist with a special focus on corporate, accounting, and legal matters.