Know your customer
Why is it important
How to do it
The due diligence process consists of two stages – customer identification and investigation:
1. Customer identification
A customer is identified at a personal meeting with an employee of the Baltic Business Consulting or by means of a Skype video conference. Copies of incorporation documents and an incorporation certificate (or current reference) issued by the respective government register of the customer’s country of residence must be provided in order to identify a customer which is a legal entity.
2. Customer investigation
The customer must complete the form provided by Baltic Business Consulting and submit information on the actual beneficiary, the customer’s business operations, the sources of income and the goals and essence of the anticipated transactions.
Despite the fact that many customers see only the negative aspects of this process, Baltic Business Consulting believes that the identification is an additional tool to get to know your customer better and to provide more target-oriented and high-quality service.
Information obtained during the process of identification is strictly confidential and available only to a limited number of our employees.
Know your customer – this term refers to a practice generally applied when establishing relations between a customer and companies providing consulting services and managing third party financial flows and means that the contractor must identify its customer before commencing active cooperation. Such practice is deemed to assist the prevention of money laundering and terrorism financing.
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