TERRANOVA 41

Know Your Client (KYC) set of standards is the due diligence process required by the regulatory authorities and financial institutions to verify a Client’s identity. This process must be completed prior to entering any agreement with the company.

The documentation requested depends on whether the contract is with an individual or legal entity (company).

• Individuals are required to provide a proof of identity (certified true copy of the original passport or national ID card) and a proof of address (certified true copy of an original utility bill or original bank statement – both dating up to six months).

Where the client/engaging party will be a legal entity the following would be required:

• Legal existence and good standing – an incumbency certificate duly signed by one of the officers of the corporation.
• Information regarding the Ultimate Beneficial Owner:
  • Group structure of the corporation signed by one of its officers, showing the beneficial owners (i.e. individuals) and any documents to evidence ownership.
  • Information concerning the legal entity’s beneficial owners, including a proof of identity (certified true copy of the original passport or national ID card) and a proof of address (certified true copy of an original utility bill or original bank statement – both dating up to six months).

On a case by case basis, the company may be legally required to ask for additional information and/or documentation.