KYC / How well do you really know who your customer is?

In the last couple of years, the importance of AML awareness is significantly recognized among companies not only due to regulatory requirements but also to minimise reputation risk. Among so many other strategic and operational challenges the investors are facing, KYC (Know Your Client) is very often not at the top of their minds which increases the risk of not performing a fully efficient screening of customer due diligence and thus being in jeopardy of not complying with legislative requirements.

TMF Group, as a global KYC service provider in more than 120 offices in 80 jurisdictions around the world, has a tremendous reach for international KYC knowledge and takes risk-based approach that helps companies to categories clients and partners and optimise the workload of their risk and compliance staff.

During the session we will discuss practical approach in resolving KYC issues dealing with large international entities (Funds, Trusts and complex legal structures). Also, we will revert to the most recent requirement imposed by the Croatian Government related to UBO register and provide solutions in how to properly conduct and submit UBO statements to the Financial Agency.

Main Takeaways:

  • Tools required for performing detailed customer screening (e.g. ready-to-use Compliance Database, tailor-made step plan for investor compliance)
  • Case study: Performing KYC for a large company undergoing restructuring (screening large international entities with complex ownership structures, issues that TMF came across with identifying the ultimate beneficial owners and concrete solutions which were provided)
  • What do foreign investors need to know about recent changes in local AML legislation and how to respond to the upcoming new KYC requirement – implementation of Croatian UBO Register