Importance of a KYC process for every company

August 5, 2015

Laws and regulations across various jurisdictions have required banks, insurance companies and other financial institutions to develop strong know-your-customer (KYC) processes. These laws are in place because financial institutions face several risks, including money laundering and terrorist financing.

While there are regulatory requirements for banks and insurance companies to ‘know’ their customers, there is generally no legal obligation for non-financial organisations to conduct integrity screening or due diligence on customers.

Previous Article
Due diligence on shell companies
Due diligence on shell companies

Businesses seeking to determine whether their corporate partners are conducting business transparently may ...

Next Article
The future of direct sponsorship
The future of direct sponsorship

The most recent high-profile case of a company’s direct sponsorship practices being heavily scrutinised is ...


Subscribe to The Red Flag Group Insights

First Name
Last Name
Job Title
Thanks for subscribing
Error - something went wrong!