Know Your Customer (KYC)| Know Your Supplier (KYS)

If you are not familiar with the term ‘K.Y.C.’, it stands for ‘Know Your Customer’. Where ‘Know’ means to have carried out a due diligence on your client, to ensure they are who they say they are and verify that they are not a fraudulent, terrorist or money laundering entity. If you are professional in your business, you will have probably already taken steps to ensure you are ‘KYC compliant’.

The effects of global terrorism and large scale fraud and money laundering are in the forefront of our minds. With incidents like 9/11, and major corporate frauds like Enron, WorldCom and the now famous Madoff Ponzi investment scheme, it is no wonder governments around the world & industry alike have taken drastic steps to better police the ways in which these crimes are committed. As part of that increased policing ‘Know Your Customer’ standards have developed around the world, and are now legal requirement in many jurisdictions.

KYC or ‘Know Your Customer’ refers to the requirements contained in various regulations associated with the introduction of AML or ‘Anti-Money Laundering’ legislation around the world. No longer can businesses or companies claim ignorance or that “they did not know” they’d been involved in the laundering of money or receipt of criminal proceeds, or of facilitating fraudulent activity.

Business owners & financial institutions around the world are now required by law to conduct due diligence on their customers or clients to identify who they are & what they do, and ensure they are not already known to be involved in any of the above illegal activities. Many industries are now required to regularly report their KYC compliance, and of course to report any information relevant to the policing of this initiative.

More simply put…. You must now ‘Know Your Customer’.

Of course to form good business perspective, it makes sense to Know your Customer…. Know your Supplier…. Know your Logistician. If you wish to avoid unpaid bills, bad service or illegal activities, ask yourself…

In the ordinary conduct of my business, could I unknowingly be used as a conduit of money laundering, or fraud?
Do I work in the financial services industry?
Do I extend credit, and is my industry regulated under the new AML legislation?
Do I really know my customers?
Do I really know my suppliers?
Do I really know my logistics providers?
Am I KYC compliant?

Global Credit Solutions “KYC due diligence services” can save you from the many pit falls, and ensure you remain legally compliant of your requirements.

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The PATRIOT ACT (US) and the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Australia), as well as various other acts around the world requires strict reporting and investigation procedures, where the onus is on company's like yours, to prove you "Know Your Customer". No longer can a company plead ignorance, or claim they "didn’t know" a client or customer may or may not have been associated with terrorism or money laundering. Its real, and its now.

Unlike other AML / KYC specialists, GCS provides its clients with a range of KYC, KYS and KYL Verification products. Sold individually and at industry best prices with no subscription fees, GCS provide a truly specialised service. GCS’s “KYC Credit Report” product is an idea entry level report, providing AML / KYC compliance, accompanied with a commercial credit report on the subject company. Why only meet compliance standards, when you can also obtain relevant information to improve credit management standards.