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Know Your Client Procedures

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Under the Money Laundering Laws of Cyprus we are required to undertake due diligence procedures to establish the identity of our clients.  If we are dealing with a corporate entity we need to determine the ultimate beneficiary or the beneficial shareholder.  All information is kept on our premises under the strictest care and security and is not disclosed to any third party (see confidentially).

 

Requirements for Individuals and Corporates see below

 

Individuals

For individuals we need to establish

1. True name and/or names used;

2. Current permanent address, including postal code;

3. Date of birth;

4. Profession or occupation.

If the individual client has not been met face-to-face we will also require a reference from a reputable institution (such as a bank or legal advocate) that verifies the identity of the individual.

Documentation required

1. Certified copies ID card/passport

2. Original letter of introduction from reputable

  • financial institution; or
  • professional body

3. Original (current) utility bill

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Companies

For Companies we need to establish

1. Company (group) structure

2. Ultimate beneficiaries or beneficial shareholders

  • True name and/or names used;
  • Current permanent address, including postal code;
  • Date of birth;
  • Profession or occupation.

3. Directors of the company

  • Company Secretary
  • True name and/or names used;
  • Current permanent address, including postal code;
  • Date of birth;
  • Profession or occupation.

4. Officers authorised to operate accounts

Documentation required

1. Original or certified copy of certificate of incorporation

2. Memorandum and articles of association

3. Resolution of the Board of Directors to enter into transactions on the stock market conferring authority to those who will act for the company (if needed)

 

For directors; if an individual see Individual Documentation required, if a corporate see Company Documentation required

 

For Company Secretary; if an individual see Individual Documentation required, if a corporate see Company Documentation required

 

For officers duly authorised to operate bank accounts

  • a board resolution or a signed statement from one of the directors authorizing someone other that a director to operate the bank account;

if the signatory is a director of the company then nothing else is required

 

For ultimate beneficiaries or  major beneficial shareholders; if an individual see Individual Documentation required, if a corporate see Company Documentation required

 

For companies where a nominee shareholder is used

  • Copies of the trust agreement between the company and the trustee (nominee shareholder) identifying the ultimate beneficiary or beneficial shareholder and  if an individual see Individual Documentation required, if a corporate see Company Documentation required

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