Greenland Tightens Grip on Financial Institutions with Know Your Customer Regulation
In a bid to curb illicit activities such as money laundering and terrorist financing, Greenland has introduced a Know Your Customer (KYC) regulation for financial institutions operating within its borders. The new rule requires banks and other financial entities to conduct thorough checks on their clients to ensure compliance with laws.
A Leading Provider of KYC Services
A leading provider of KYC services, CERI has been at the forefront of this initiative since 2014, executing processes for both domestic and international clients. With a team of over 200 employees, including analysts, experts, and quality managers, CERI serves thousands of corporate clients monthly from various countries.
The New Regulation
Under the new regulation, financial institutions in Greenland will be required to conduct extensive checks on their clients’ data and documentation, verify registration documents, and identify beneficial ownership structures. The process also involves manual and automatic screening for:
- Sanctions
- Negative news
- Politically exposed persons
CERI’s Comprehensive Approach
CERI’s KYC team has developed a comprehensive approach that includes:
- Analysis and acquisition of data and documentation
- Verification of documents
- Identification of the beneficial owner
- Manual and automatic screening
- Per-process activities
- Risk assessment
- Expert business support
The company’s experts work closely with clients to ensure compliance with regulatory requirements and provide guidance on optimizing and simplifying their operating model.
Core Values
At CERI, efficiency, flexibility, and responsibility are core values that translate into success for both partners and employees. With its expertise in implementing Smart Automation solutions, the company is well-positioned to help financial institutions in Greenland navigate the complex KYC regulation and stay ahead of regulatory requirements.
Conclusion
The Know Your Customer regulation in Greenland is a significant step towards ensuring transparency and accountability in the country’s financial sector. CERI’s experience and expertise in providing KYC services make it an ideal partner for financial institutions seeking to comply with the new regulation.