Know Your Client
We have been instructed to complete KYC (Know Your Customer) checks and onboard all existing clients to our payment portal before we can accept or pay funds due.
This has been actioned due to the diversity of markets in which we trade in order to offer our clients and The Work Perk the maximum protection against AML (Anti Money Laundering) policy.
We would ask that you please complete this simple form below.
Please note that we will endeavour to onboard each client as a matter of urgency. In some cases, further AML documents may be requested.
We have outlined below some basic KYC facts. Should you wish to receive further information before completing this form please contact firstname.lastname@example.org
What is KYC?
KYC means “Know Your Customer.” It describes the process of verifying the identity of customers – either before or during the start of doing business with them. The KYC process is performed to prevent illegal activities such as money laundering or fraud, in return protecting both company and client.
Why does KYC matter?
The extensive use of new technologies and the internet makes it necessary to define standards that help fight online fraud e.g. Money Laundering, Terror Financing, Corruption.
The KYC procedure responds to a legal and global imperative for any type of business that wants to onboard a user as a client and know that they are trustworthy.
How does KYC work?
The KYC process consists in verifying that the client is actually who he says he is and giving him access to the services or products he needs. This verification is carried out through different methods, although not all comply with legal requirements.
What are the three components of KYC?
Customer Identification Program (CIP): The customer is who they say they are.
Customer Due Diligence (CDD): Assess the customer’s level of risk, including reviewing the beneficial owners of a company.
Continuous monitoring: Check client transaction patterns and report suspicious activity on an ongoing basis.
What’s the difference between AML and KYC?
The difference between AML (anti-money laundering) and KYC (Know Your Customer) is that AML refers to the framework of legislation and regulation that financial institutions must follow to prevent money laundering. KYC is more specific and relates to verifying a customer’s identity, which is a key part of the overall AML framework.