R & W Credit Solutions | Know Your Customer (KYC)

KNOW YOUR CUSTOMER (KYC)

KYC investigations serve two crucial purposes:

1. As it is compulsory by law, we assist you in legislative compliance.
2. Enable you to make informed critical business decisions.

Legislative Compliance

9/11 Sparked an international awareness of financial security which resulted in all countries of the world adopting some or other form of legislation placing a burden on commercial entities to "Know Your Customer". Commercial entities are compelled by law to investigate their customers, contractors, suppliers and business associates in order to ensure that they are not knowingly or inadvertently involved in the :

financing of terrorism
facilitation of money laundering or organised crime
support of politically displaced individuals.

Business Information You Need

Our KYC Report Include :

Legal entity registration particulars
Personal particulars of all officials.
Address verification of commercial entity and/or officials. (Electronic or physical verification)
Verification of standing with industry regulators and/or associations.
Verification of industry reputation.
Verification of reputation with trade creditors.
Credit record and verification of assets and liabilities, including credit exposure.
Verification of stated capacity/infrastructure/supplies/staff etc.
Verification of Revenue Service Registration
Standing with and/or clearance by Revenue Service.
Standing with additional institutions, such as Workman’ s Compensation Commissioner,

Verification of BBBEE certification.
Verification of associated individuals and legal entities.
Matching of entity, officials and associates against Organised Crime data basis.
Matching of entity, officials and associates against Money Laundering data basis.
Matching of entity, officials and associates against Anti Terrorism data basis.
Matching of officials and associates against data basis of politically displaced individuals.
Matching of officials against data basis of individuals disqualified to hold office in legal entity.
Matching of legal entity and officials against insolvency/sequestration/liquidation data bases.
Supply of links to all media reports (national and international) involving entity and officials forming the subject of investigation.

In South Africa liability and vicarious liability of directors and officials of legal entities have been extended through inter alia the Financial Intelligence Centre Act, the Criminal Procedure Act, the new Companies Act and is further elaborated on in The King III Report on Corporate Governance.

Not only will our KYC Report provide you with critical information but will it ensure that you participate in the objectives of relevant legislation and thereby absolve you and your officials of vicarious liability and the harsh punitive consequences of non compliance.

Informed Critical Decisions

Our indepth KYC Reports provide you with critical information allowing you to make informed business decisions when considering :

Mergers
Acquisitions
Procurement
Forming Joint Ventures

Granting Credit and/or Security
Contracting and/or Sub-Contracting
Forming Business Relationships in General

No critical business decision should be taken in a vacuum or with insufficient information or untested information.