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Financial Institution Demands Transparency from High-Risk Clients
Strict Know-Your-Customer (KYC) Requirements Implemented to Combat Money Laundering and Terrorist Financing
A leading financial institution has announced that it will be implementing strict Know-Your-Customer (KYC) requirements for high-risk clients, in an effort to combat money laundering and terrorist financing.
According to a recent report, the institution is seeking to verify the identity of individuals who hold more than 10% controlling interest in a corporate entity. This includes obtaining documentation such as:
- Passports
- Driver’s licenses
- Voter’s cards
- National identity cards
Additionally, the institution has stated that it will be conducting thorough background checks on clients, including:
- Sanctions screening
- Internet searches
Clients from high-risk countries or with other risk indicators will also be subject to enhanced due diligence procedures.
“We take the fight against money laundering and terrorist financing very seriously,” said a spokesperson for the financial institution. “Our KYC requirements are designed to ensure that we have a clear understanding of our clients’ identities and activities, and to prevent illegal transactions from occurring.”
Key Points
- The financial institution has implemented strict KYC requirements for high-risk clients.
- Clients must provide documentation such as passports, driver’s licenses, voter’s cards, and national identity cards.
- Background checks will be conducted on clients, including sanctions screening and internet searches.
- Enhanced due diligence procedures will be applied to clients from high-risk countries or with other risk indicators.
Effective Immediately
The new KYC requirements come into effect immediately, and all high-risk clients are expected to comply with the new regulations.