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With the word "terrorism" on the tip of everyone's tongue at the moment, its no wonder governments & industry alike have taken drastic steps to ensure "you" are not a conduit for money laundering
KYC is the due diligence and bank regulation that financial institutions and other regulated companies must perform to identify their clients and ascertain relevant information pertinent to doing financial business with them.
The PATRIOT ACT (US), the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Australia), requires strict reporting and investigation procedures, where the onus is on company's like yours, to prove you "know your customer". No longer can a company plead ignorance, or claim they "did not know" a client or customer may or may not have been associated with terrorism or money laundering. Its real, and its now.
Legislation, and more importantly "penalties" have been passed to ensure businesses including financial institutions such as mortgage managers, brokers, fund managers, bullion dealers, as well as companies in the legal, accounting & bookmaking professions perform a know your client background check on any customer who "may" pose a threat of money laundering / terrorist financing.
Unlike other KYC specialists, GCS can provide clients with unique "GCS KYC Due Diligence Reports" sold individually, at best practice rates. Talk to GCS about developing a KYC game plan that ensure you a compliant.
In the event our investigations establish that there are assets that would
provide satisfaction of your debt, however the debtor refuses to respond to our
attempts to negotiate the recovery, we shall report to you accordingly, advise
you if legal action in our opinion is warranted, and if so what costs would be
involved. This ensures that you retain at all times control of the file/s and
costs associated with such legal actions.
A regular report (bimonthly, monthly, quarterly or as development occurs) is
sent to the clients (procedure may defer in some countries)
It is perhaps worth noting, that when legal action is instituted on behalf of our clients we are able to offer substantially reduced legal costs, due to the volume of files that our offices handle, whilst having the local knowledge of the legal system, customs and culture that are often essential in effecting a recovery.
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