PREPARATION OF A KYC & AML DECK
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 of 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?
- 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.
Compliance with EU and global standards.
We at Savva & Associates, Cyprus, being a firm licensed and regulated by the Cyprus Securities and Exchange Commission, have built up considerable experience and expertise over the years by reviewing and improving the AML decks of our clients, and now offering the same as a stand-alone service to individual and corporate clients globally.
Seeking more insights or curious about how we may assist you and dive deeper together? We have dedicated ourselves to providing the highest levels of service and tailored solutions to meet the diverse needs of our valued clients. Please get in touch with one of our managers to arrange for your free consultation