Many are those who hear a lot about KYC (Know Your Customer) but few are those who understand why the process of knowing your customer is extremely important for companies. It’s no news that money laundering does make it to headlines and therefore companies should pay attention to who their clients are to make sure that they are not engaging with clients undertaking any criminal activity. This process not only protects companies, but also their respective clients. To oversee such scenarios, companies nowadays must appoint an Anti-Money Laundering (AML) Compliance Officer to ensure that clients are compliant with important regulations.
Being a Corporate Service Provider, it is imperative for our team at Fairwinds Management Limited to undergo due diligence processes with every new client to ensure that highest standards are in place. This will help us maintain our sterling reputation. In fact, to be able to do this in the best possible way, our team is fully trained on anti-money laundering and counter terrorism financing. Apart from this, our professionals in the legal department are also compliant with both Maltese and EU law, making them specialised in assisting local and international clients.
Our process before we take on a new client is to get to know our clients, both individuals and companies. We need to understand the business activity that the client is operating in. In order to do this while also understanding their financial dealings, we ask each client to provide us with a list of original documents which we must receive before we can fully engage with their requests. The full list of needed documents depends on the type of business, however these 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 the curriculum vitae.
- A business plan that is applicable to the line of business.
If the client cannot provide the above requested documents or others (as requested), as originals, our team can accept a copy of these documents as long as they have been all certified by a lawyer or a notary.
If you are interested in using any of our services but you are not a client of ours as yet, then get in touch with Ms. Charlene Sciberras, our Director on firstname.lastname@example.org to start your new business relationship with us. We look forward to hearing from you!