AML/KYC File Preparation
What is a KYC/AML Deck?
A KYC (short for Know Your Client) and AML (short for Anti Money Laundering) (the two terms, AML/KYC, are commonly used interchangeably) deck is simply a file that an individual or company maintains that evidences such things as a source of wealth and funds, asset disclosure, and a detailed background summary of the individual/company.
Such AML decks are readily requested by banks when opening banking facilities, by counterparties when entering into commercial agreements, and more generally for the facilitation of business activities. Providing your AML deck is now a standard and required part of doing business globally. Not having yours readily available and fully updated can result in missed business opportunities and, even worse, regulatory issues arising from not being able to establish your source of wealth/funds.
What Are the Benefits of Having Your Own KYC/AML Deck?
Each institution designs its own client acceptance policies under a risk-based approach and in accordance with the laws applicable in its jurisdiction (in the EU, for example, all member states are bound by the EU AML Directive). Therefore, having your AML deck prepared and updated ensures transactions are carried out securely and, most importantly, in a timely process with banks and regulators across the globe.
Why Engage Us to Assist You With Creating Your KYC/AML Deck?
Whether you are purchasing foreign property, opening a bank account, or simply looking to have your internal records updated and ready for any future business need, our expert AML professionals can assist you. Having your KYC/AML deck readily available will ensure you save both time and money whilst demonstrating your credibility by having a professionally prepared file available for immediate submission when requested.
What if You Are a Cryptocurrency Investor?
We want to highlight that we work with several leading experts specialising in blockchain analysis, and banking institutions that accept clients with cryptocurrency-based wealth profiles. Our significant expertise in dealing with clients with primarily crypto-currency-based wealth allows us to compile a comprehensive AML deck for this distinctive class of clients. We are also uniquely positioned to make introductions to appropriate banking institutions and implement cross-border international tax optimisation strategies for cryptocurrency investors.
What Will Your KYC/AML Deck Include: Know Your Customer (KYC) Requirements?
- Full set of identification documents with the necessary certification.
- Intelligence database screening.
- Public sources and adverse media checks.
- Construction of economic profile and wealth analysis.
- Blockchain analysis and transaction monitoring, where appropriate.
- Full risk evaluation report.
Customer Onboarding Requirements.
Your onboarding process will involve a full set of identification documents with the necessary certification to ensure compliance with regulatory requirements. Intelligence database screening will be conducted to verify client information and detect any potential risks related to money laundering or terrorist financing. Public sources and adverse media checks are essential in constructing a comprehensive economic profile and wealth analysis for each customer onboarded. Blockchain analysis and transaction monitoring solutions will be utilized where appropriate to enhance risk management practices within your company. A full risk evaluation report will be generated, providing you with valuable insights into the level of risk associated with each client onboarding.
Contact Us.
Savva & Associates, Cyprus, are a regulated firm licensed by the Cyprus Securities and Exchange Commission. With years of experience and expertise in AML compliance, we have honed our skills by assisting clients in enhancing their onboarding processes. Now, we offer this as a comprehensive service to both individual and corporate customers worldwide.
Interested in gaining more insights or curious about how we can assist you with your onboarding and AML needs? Our team is dedicated to providing expert service and customized solutions to meet the diverse requirements of our valued clients. Get in touch with one of our managers today to schedule your free consultation.
