What is KYC?
KYC or Know Your Client is in simple words a “client identification process” carried out by all Banks, Financial Institutions, Law Firms, Estate Agents etc.
How is the process carried out?
There are two methods used to obtain more information on the Client and verify the information provided. These methods are:
Client Identification Information
When a firm is approached by a prospective client on a new matter, the following information of the client is required to be obtained in order to identify who the client is:
Certain exemptions apply to Public companies and additional information is usually required for Politically Exposed Persons.
On receipt of the above information, the firm is required to (unless an exemption applies) to take reasonable steps to verify the identity of the client and the individuals authorized to instruct on behalf of a corporate client/company through reliable and independent sources.
Depending on the type of instructions, additional information on the identity of the client, the source of funds etc. may also be requested by the firm
Why is the KYC process carried out?
Being one of the top law firms in Dubai, James Berry & Associates have qualified and experienced lawyers in Dubai who can assist you on any questions about due diligence and legal compliance
To know more contact Deepa - firstname.lastname@example.org
This is a general guide on the subject matter and should not be construed as specific legal advice.
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