Know your customer services

Know Your Customer (KYC) mandates that companies who are active within the financial services sector, must carry out due diligence on their clients to verify their identity and prevent identity theft, fraud, money laundering and terrorist financing.

TMF Group’s compliance experts in more than 83 countries are always at hand to streamline your KYC journey. These specialists conduct an in-depth analysis of the corporate structure, so that you can know who you are working with.

Governments all over the world have imposed stringent laws and regulations – such as Anti Money Laundering Directive 4 and Alternative investment Fund Managers Directive (AIFMD) - to ensure companies take a hard look at their business’ partnerships and clients.

Companies are expected to screen new clients according to a range of criteria and in accordance with regulations and sanction lists. Furthermore, once the check is done, the results have to be periodically reviewed in accordance with new lists and regulations. This often results in increasing internal KYC departmental costs while non-compliance can lead to significant financial and reputational risks. In some countries, non-compliance can even result in imprisonment, ranging from 5 to 20 years, depending on the nature of the offence. TMF Group’s full suite of KYC services help you remain compliant with all of these fast-changing regulations.

TMF Group’s KYC Compliance Services

We offer an independent assessment on compliance with KYC obligations (AML, AIFMD, FATCA and CRS), and have built our own database solution to manage and maintain the process. Through our software, we provide clients with an easy to use, automated and safe way to stay compliant with KYC requirements.

We assist clients in four areas:

Customer identification, verification and due diligence / KYC requirements and screening
Clients provide us with KYC compliance documents via our online portal. TMF Group performs due diligence (identification, information collection, sanction list screening, UBO check and PEP check). Results are reported back to the client.

Registration and maintenance of identification / KYC and due diligence documents
Due diligence information is filed in our secure database for future inspection by clients or regulators (if required). We also facilitate the registration in accordance with local regulations, such as the EU law on UBO registries.

Periodical re-assessment and updates
Depending on the risk rating, we are able to perform periodical reviews of due diligence information, taking into account current regulations and the client’s requirements. Furthermore, we perform ‘event checks’ when events occur that could, or do, affect the risk assessment of your clients. This helps ensure the accuracy of KYC files at all times.

KYC reporting
In line with AML, AIFMD, FATCA and CRS, TMF Group has developed a service to prepare and transmit KYC reports on reportable accounts, related financial account information and personal information.

TMF Group’s track record of success in delivering compliance services to businesses, and our truly global presence, allow us to manage KYC processes efficiently. We use the same system and tools to perform our own KYC checks and we have a straightforward fee structure which can easily be transferred to your end user when required.

Find out more about our KYC services

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The Compliance Complexity Index 2018

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