What are some of the key KYC/AML regulations in your jurisdiction that clients should be aware of?

The level of data we need to obtain before we undertake acting for a client varies depending on those services we are providing. Ultimately, we need to feel comfortable that we genuinely ‘know’ our client.

If we are opening a bank account for example and are also being appointed on the banking mandate as a point of reference with the chosen partner, or processing payments for those clients whereby we are a full-service provider, then we seek visual identity with those who hold 10 per cent or more.

Where we are unable to physically meet face-to-face with our clients, we use a notary public, or seek the support of a local counterpart with whom we have a pre-existing relationship.

Every client is different, and the working relationship differs from one to another. Some clients have discretionary, or unit trusts involved as the ultimate beneficial owner. Where these exist we also need to understand who the potential beneficiaries of the trust are, should they be named within the trust deed.

Some clients prefer anonymity and we respect that; there is a fine balance between compliance and knowing who the client actually is!

The information above is sourced from the recent IR Virtual Series ; Establishing Foreign: Companies with Clarity Enhancing understanding of KYC/AML regulations