KYC POLICIES
About Our Know Your Client Obligations
THE SCOPE OF KYC PROCEDURES PERFORMED BY STRATEGIC CORPORATE SERVICES LTD
At Strategic Corporate Services Ltd, our commitment to providing a comprehensive and secure service begins with understanding our clients. The first step in establishing a successful client relationship is ensuring we have a clear and accurate picture of who we are working with. Our Know Your Client (KYC) procedures are designed to gather and verify essential information, ensuring compliance with regulatory requirements and mitigating potential risks. This process builds a solid foundation for trust and transparency in every client engagement.
GENERAL IDENTIFICATION REQUIREMENTS
Before onboarding a new client, we must establish a reasonable belief in their true identity. This involves obtaining sufficient information to fully verify the client’s identity and understand the purpose and nature of the business relationship. This may include comparing provided information with databases and checking for politically exposed persons (PEPs), sanctions lists, or involvement in terrorism financing or money laundering. The information required depends on the type of applicant (individual, corporate, etc.) and the anticipated size of the account.
NEXT: CUSTOMER DUE DILIGENCE
Customer Due Diligence (CDD) involves collecting and verifying data to establish a client’s identity and risk profile, determining the suitability of a business relationship. The level of CDD and the risk-based approach depend on the client’s risk level and the nature of transactions. For example, clients in sectors like high-value transactions or gambling may face a more rigorous CDD process, including Enhanced Due Diligence (EDD) for those with higher risks. Risk ratings are influenced by factors such as transaction patterns, geographic location, customer reputation, fund sources, and PEP status. The CDD framework helps assess whether a client is high-risk.
REGULAR MONITORING AND PERIODIC REVIEWS
Our General Identification Requirements (GIR) and Customer Due Diligence (CDD) measures protect our firm’s reputation at the outset, ongoing monitoring is essential. Continuous monitoring ensures that any suspicious financial transactions are detected and addressed promptly, allowing for timely and appropriate action.
PRIVACY AND DATA RETENTION
The information we collect about our clients is not publicly shared and is used solely for its intended purpose. We are required to retain this information for five (5) years. Under specific circumstances, and with enforceable direction, we may be legally required to provide this information to the Vanuatu Financial Services Commission (VFSC), the Reserve Bank of Vanuatu (RBV), or by order of a Vanuatu court. Such instances are rare.
RETURN OF FUNDS OR INSTRUMENTS PRIOR TO COMPLETION OF KYC
Should money or other negotiable instruments be placed with our firm or its subsidiaries or agencies before completing our KYC check, we reserve the right to return such funds or instruments to their original source. This measure ensures we do not onboard or maintain relationships with clients engaged in or likely to engage in illegal practices.
Initial Contact
In the first instance, all initial enquires should be made via our ‘secure contact portal’. Upon receipt, we shall promptly address a mutually convenient time for an initial consultation.
Initial Consultation: For convenience, we will typically conduct electronic face-to-face meeting, often via Skype or a similar platform. These initial meetings allow us to assess the scope and complexity of your needs, ensuring compliance with your objectives. Additionally, this serves as the first step in our Know Your Customer (KYC) obligations, which we strive to make as unintrusive as possible. Learn more …
Secure Contact Portal
Note: Our services are not offered to Australian or New Zealand interests
For our High (and Ultra-High) Net-Worth clients and families, we go the extra mile by arranging one of our legal representatives to meet with you or your designated representative(s) at a mutually convenient location. This ensures that we can provide personalised and comprehensive services tailored to your specific needs and circumstances while maintaining complete confidentiality.
Confidentiality
Confidentiality and discretion is paramount. Our team, overseen by in-house legal counsel, ensures all services meet stringent legal compliance standards, safeguarding our clients’ interests and unique structures. Thus, we prioritise the highest levels of confidentiality to protect our clients’ sensitive information.
With robust measures in place, we mitigate risks of unauthorised access or breaches, providing clients peace of mind and assurance that their affairs are securely handled with professionalism and care. Learn more …