The "Know Your Clients"

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Cooperation conditions within the principle of Know your clients

The Finance Business Service (FBS) carries out Customer Due Diligence (CDD) * according to the national and international standards on prevention of criminal activities, money laundering and terrorist financing within the principle of “Know your clients” according to which, the company is obliged to establish the identity of the client to carrying out transactions before rendering of services. Along with respect of the right of clients to confidentiality we are forced to adhere to this principle in order to avoid financial, reputational and legal risks.

In the process of CDD goes information gathering for the identification and verification of identity of both new and existing clients in accordance with the level of potential risk. In this regard, FBS will require the minimum number of documents for each potential client, which confirm registration data, structure of property, authorities, including final beneficiaries and made transactions. From all officials, connected persons of the company and beneficiary are required copies of the documents, confirming the identity, fixed address of place residence, welfare, loyalty, business reputation and professional competence. FBS can use other information provided by the client, direct communication with the client, and also information from open sources, besides these documents for level increase knowledge about the client. At the same time, FBS will be store obtained data properly with indication of method and results of their check.

During the test we aim not only to obtain the evidence confirming and certifying the identity of clients, but also ensure that their activities are not:

  • Money-laundering, received by criminal way;
  • Participation in extremist activities or terrorism financing;
  • Fraud and / or other illegal activities;
  • Business relations with politically exposed person (PEP) **.

FBS reserves an exclusive right to refuse cooperation and/or to stop the further customer delivery services in case of identification of reasonable suspicion in the above-stated illegal activities or client refuses to provide all necessary information.

*information gathering about the client with purpose to check the personality and to estimate risks associated with client.

**politically exposed persons, that occupy important government posts: heads of state; members of government; political leaders of higher rank; high government officials in the administration, justice, army; party leaders; senior executives of state enterprises of national importance; in certain extent, persons related with previously named persons by family ties, personal or business relationships.