KYC (Know Your Customer) mandates that companies who are active within the financial services sector, must carry out due diligence on their clients to verify their identity and prevent identity theft, fraud, money laundering and terrorist financing.
Our compliance experts are always at hand to streamline your KYC journey. These experts conduct an in-depth analysis of the corporate structure, so that you can know who you are working with.
Governments all over the world have imposed stringent laws and regulations – such as Anti Money Laundering Directive 4 and Alternative investment Fund Managers Directive (AIFMD) - to ensure companies take a hard look at their business’ partnerships and clients.
Companies are expected to screen new clients according to a range of criteria and in accordance with regulations and sanction lists. Furthermore, once the check is done, the results have to be periodically reviewed in accordance with new lists and regulations. This often results in increasing internal KYC departmental costs while non-compliance can lead to significant financial and reputational risks. In some countries, non-compliance can even result in imprisonment, ranging from 5 to 20 years, depending on the nature of the offence. Our full suite of KYC services help you remain compliant with all of these fast-changing regulations.
Our track record of success in delivering compliance services to businesses and deep understanding and expertise in the related legal framework allow us to manage KYC processes efficiently. We use the same system and tools to perform our own KYC checks and we have a straightforward fee structure which can easily be transferred to your end user when required.
Clients provide us with KYC compliance documents. We due diligence (identification, information collection, sanction list screening, UBO check and PEP check). Results are reported back to the client.
Due diligence information is filed in our secure database for future inspection by clients or regulators (if required). We also facilitate the registration in accordance with local regulations, such as the EU law on UBO registries.
Depending on the risk rating, we are able to perform periodical reviews of due diligence information, taking into account current regulations and the client’s requirements. Furthermore, we perform ‘event checks’ when events occur that could, or do, affect the risk assessment of your clients. This helps ensure the accuracy of KYC files at all times.
In line with AML, AIFMD, FATCA and CRS, we have developed a service to prepare and transmit KYC reports on reportable accounts, related financial account information and personal information.
Hong Kong Office
Room 07, 12/F., Chevalier Commercial Centre, 8 Wang Hoi Road, Kowloon Bay, Hong Kong
Room 206, 375 Zhongren Road, Jiading District, Shanghai, China 201802
Unit 2310, 236 Huizhi 2nd Road, Panyu District, Guangzhou, China
For better administration and service to our clients, effectively from 1/10/2021, LiBrighten will be renamed as WOS UNION and our updates of website are still underway. Our email domain will be updated accordingly but you may still contact us with the old email domain (and you will receive our reply under the new email domain).