New regulation in Colombia introduces the Know Your Client (KYC) principles to the country's business environment to combat money laundering and other illegal activities.
The “Know” implies that a business will carry out due diligence on a client to verify that they are who they say they are and to prevent theft fraud, money laundering and terrorist financing.
In the face of these risks, it is essential that you adopt a long-term vision in order to proactively respond and achieve a real competitive advantage. Taking this strategic approach will ensure you are able to successfully manage your reputational risk, build healthier customer relationships and maximise your long term business potential.
What are the benefits of this service?
- Preventative measures against exposure to sanctions
- Full compliance with legislative requirements
- Minimize reputational risk
- Demonstrate your business vigilance and quality procedures
What services are included?
- Customer due diligence and screening
- Registration and maintenance of identification and due diligence documents
- Reporting
- Periodical re-assessment and updating of information