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Know Your Client Principles/Due Diligence

Following the introduction of anti-money laundering legislation worldwide, company managers and financial institutions now have a statutory duty to implement "Know Your Client" (KYC) procedures. It is a requirement for them to know the identity of the beneficial owner of a structure or account, the source of monies being transferred into an account and the type of business a company will undertake. Clients should therefore expect to provide full and frank information about themselves, their business dealings and their future plans.





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