In today’s increasingly globalised world, business that would have once been conducted face to face, is now conducted via email, or with the click of a few buttons. Whilst this is great news for clients, it means that companies need to take extra care to ensure that money launderers, criminals, and other nefarious individuals do not compromise the integrity of their businesses and the sectors they work in.
As a fully licensed and regulated corporate services provider and accountancy firm, it is imperative that we strive for only the highest standards of integrity in every aspect of the work we undertake. We base our relationships with our clients on trust and understanding, and a part of this is our adherence to stringent due diligence policies and procedures, as well as ensuring that our team is fully trained on anti-money laundering and counter terrorism financing risks. By implementing our own Know Your Client (KYC) policies and procedures, we are able to not only protect ourselves, but our clients as well.
Thorough KYC encompasses several elements; we need to know who you are as an individual, we need to know about your company, your business, and where your funds have originated from. Knowing this not only means that we are compliant with both Maltese and EU law, but that we are able to work together, and we are safe in the knowledge that our relationship is transparent, honest, and efficient.
Before we take on a new client, we ask for a list of documents which we must receive before we can engage fully with their requests. These documents include:
- Proof of identity such as a valid, government issued ID Card or passport.
- Proof of address such as a utility bill for internet or electricity, no older than three months.
- A bank reference, or a professional reference and bank statements dating back six months.
- An up-to-date version of your curriculum vitae.
- A business plan that is applicable to your business.
Every client must provide us these documents as originals, or alternatively as a copy which has been certified by a lawyer or notary. There are times where we may request additional documents, but this occurs on a purely case by case business and is just a way of us making sure we have covered every base.
Whilst gathering and sending these documents may sound like an inconvenience to some, it is in fact an integral part of the work that we do. We need to know and understand our clients, and to maintain our sterling reputation, we need to ensure we are in compliance with all of the applicable regulations.
The fact that we ask for these documents and take our clients through this procedure, should be considered as a vote of confidence that we abide by the rules and take your work, and our relationship with you, extremely seriously.