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Know Your Client, also known as KYC, refers to numerous due diligence activities performed not only by financial institutions but also other regulated companies in order to retrieve any relevant information about their clients before and in the course of doing business with them. Every financial and business entity is responsible for adopting and implementing various KYC procedures and regulations.
Know Your Client policies typically include procedures like: Collecting and analysing a person's identity information and looking into the real beneficiary of the company and business accounts Name-matching with lists of political parties (searching for Politically Exposed persons or PEPs) Determining a client's likelihood of committing money laundering, terrorist financing, identity theft or other offences Creating expectation profiles based on a client's transactional behaviour, and monitoring any deviations from this profile Anti-money laundering, also known as AML, is a set of laws, regulations and other procedures designed to eliminate the practice of generating income from illegal activity. Typically, money launderers hide the real source of their income through a series of steps that make it look like money derived from illegal activities was earned legitimately. Anti-money laundering policies aim to help institutions spot and look into possible cases.
Globalisation and the global information exchange system KYC and AML policies are designed to offer solutions for eliminating the numerous risks deriving from the fact that financial institutions do not know their clients. On the other hand, these same policies also have a tendency to conflict with a private individual's general expectations of confidentiality and privacy.
With the rapid advance of globalisation over the last few decades, security concerns have become a top priority, not only for national regulators, but for the international community more generally. In response to rising concerns over money laundering, an intergovernmental organisation called the Financial Action Task Force on Money Laundering (FATF) was established in 1989 during the G7 summit in Paris, and shortly afterwards it issued recommendations on money laundering and terrorism financing. All the recommendations are intended to be put into action at a national level through legislation and other legally binding measures. In addition to the Know Your Client and Anti-money laundering procedures described above, FATF recommendations require states to co-operate internationally and exchange relevant information in investigations.
A new international standard, called AEOI or the automatic exchange of information, will come into force in participating countries to ensure that tax authorities exchange data relating to taxpayers' bank accounts. The main goal of AEOI is to make tax evasion impossible. AEOI stipulates that banks must report information about bank and safekeeping accounts to the domestic tax authorities. This information is then exchanged with the tax authorities in AEOI partner countries.
Possible solutions to protect confidentiality Some jurisdictions consider revealing the name of an account holder to be a criminal act. The privacy of a bank's clients is protected by law and regarded as being similar in nature to the confidentiality between doctor and patient or lawyer and client. Although privacy is seen as a fundamental principle and greatly protected in these jurisdictions, law enforcement access can be granted to the relevant information in the context of a criminal investigation.
However, if no criminal accusation has been made, offshore banks offer the maximum possible confidentiality and security. Offshore banking jurisdictions are designed to protect assets from domestic litigation and other civil matters, such as contested estates or divorce. An even higher level of confidentiality and anonymity is available through other asset-holding vehicles — for example, international business companies and offshore trusts.
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Jurisdictions and countries offering a low-tax regime to domiciled and/or foreign companies are most commonly referred to as 'tax havens'. Generally speaking, a tax haven is a jurisdiction in which taxes are either applied at a low rate or not at all. Well-known examples include Panama, Belize, the Seychelles, the Cayman Islands, the Isle of Man and Hong Kong.
An offshore company is a company established in order to operate and perform business activities outside the jurisdiction in which it was officially incorporated, as well as outside (or off the shores of) the place of residence of its directors, shareholders and beneficial owners, which may be crucial for corporate planning in certain legal systems. Usually, an offshore company is established in order to receive certain legal or tax benefits, to allow for a specific corporate structure or to protect the confidentiality of the beneficial owner and/or asset holder.
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The average annual temperature in Lithuania is 6.2 °C. The average annual rainfall in Lithuania is 656 mm/year. Lithuania emits 4.5 metric tons per capita of CO₂.
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In Portugal, the form of government is a unitary semi-presidential constitutional republic. In Portugal, legislative power rests with an assembly of the republic. Prime Minister is Marcelo Rebelo de Sousa. A country's governmental structure determines the way laws are written, approved, and interpreted. The type of government determines the way elections are held as well as the country's system of policing its citizens. The term of office of the head of state in Portugal lasts until January 1, 2021. The length of a head of state's term of office directly affects the power and influence of the executive branch. A longer term gives the head of state more authority. The term of office of the head of state in Portugal lasts until January 1st, 2021. The length of a head of state's tenure directly affects the power and influence of the executive branch. A longer term gives the head of state more authority. The Global Peace Index (GPI) for Portugal is 1.344. Due to the strong presence of the law enforcement authorities and the high level of social responsibility, Portugal is very safe in international comparison. The Index of Strength of Legal Rights for Portugal is 2. Overall, it is considered to be rather weak – bankruptcy and collateral laws fail to protect borrowers' and lenders' rights in the event of credit-related complications; Credit information, if any, is scarce and difficult to access.
Government Prime Minister in Portugal is Marcelo Rebelo de Sousa. Portugal's system of government is a unitary semi-presidential constitutional republic. In Portugal, legislative power rests with an assembly of the republic; This is a unicameral legislature and therefore a unicameral assembly of the Republic. According to the World Bank Group, Portugal's Government Effectiveness Index is 1.01. This shows that the Portuguese government is effective. Citizens enjoy well-organized public and public services, and government efficiency is high. While some services may be lacking in certain areas, the overall environment encouraged by government legislation is favourable.
Unions and alliances This section provides a list of the trade unions to which Portugal belongs.
Portugal is a member of the United Nations (UN). Portugal is a member of the World Trade Organization (WTO). Portugal is a member of the Organization for Economic Co-operation and Development (OECD). Portugal is a member of the International Monetary Fun (IMF).
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The adult literacy rate in Seychelles is 91.8%. Male literacy is 91.4%. Female literacy is 92.3%. Therefore, male and female literacy differ by 0.89999999999999%. Government spending on education is 5% of GDP. Seychelles' education index is 0.636 - the formal level of education in the country is average, but most of the population has at least secondary education; Higher education is possible and not uncommon. The people of Seychelles speak French, English and Seselwa languages.
English language In the Seychelles, about 0% of the population or 33,000 people speak English. 3,000 residents of the Seychelles call English their mother tongue. 30,000 residents of the Seychelles speak English as a foreign or second language.
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Latvia is located in Northern Europe and is one of three Baltic States. It has been a member of the European Union since 2004, a member of the Eurozone since 2014 and the 35th member country of the Organization for Economic Co-operation and Development (OECD) since 2016.
The Latvian banking and financial sector is relatively small, heavily concentrated in the capital, Riga, and has a high proportion of foreign capital. There are currently 23 banks operating on the Latvian market; 16 of them are domestic banks, seven are branches of foreign banks. Most Latvian banks are privately owned and operate as universal banks, but some specialize in corporate banking and/or wealth management. Most foreign banks have their origins in the Scandinavian countries: Norway, Sweden, Finland and Denmark.
Out of all banks operating in Latvia, 14 offer corporate banking and other services to non-residents. Latvian banks have actively sought to attract deposits from non-residents. In fact, by the end of 2015, deposits from non-residents had overtaken those from residents of Latvia.
Advantages of opening a bank account in Latvia There are several reasons why non-resident individuals and companies might decide to open a bank account in one of the Latvian banks:
Latvian banks offer a wide range of services to non-residents, including retail, retail and corporate banking, as well as online trading and brokerage services. Latvian banks employ English and Russian speaking staff and their websites are available in different languages.
KYC procedures are straightforward and simple, with some banks offering their customers the option to open an account online. Latvia is a member state of the EU and in the Eurozone and facilitates cash transfers to other member countries. Latvia uses the IBAN system, which makes international payments easier. General Requirements The procedure and required documents to open a bank account for a non-resident business differ from bank to bank. In general, all the documents you are likely to need can be sorted into two lists: the standard corporate documents that most banks require and which are usually listed on the bank's website, and specific documents that banks require non-residents to make sure that the owner or beneficiary of the company has sufficient funds and verify his or her background and learn more about the activities of the company. These documents are not usually found on the bank's website and in many cases are dependent on the customer opening the account.
In addition to the bank's standard account application forms, other commonly required documents include:
Certificate of Incorporation (with apostille) Certificate of Incorporation and Articles of Incorporation (with apostille) Minutes of the board meeting approving the opening of a bank account General power of attorney (with apostille) Documents confirming the ownership of the beneficial owner(s) in the company Copies of the beneficiaries' passports Copy of Account Manager's passport List of signatures and samples of seal impressions As previously mentioned, banks have the right to request additional documents during the pre-account inspection phase and later if the compliance officers believe that information is missing or if the bank wants to better understand the nature of the customer's business.
Corporate banking for non-residents in Latvia More than half of banks in Latvia provide corporate banking and other services to non-residents. These banks have their differences, and before you decide which one is best for you, there are certain things you need to consider. While most banks offer multilingual services and you will most likely be able to speak to your private manager in English or Russian, AS “Rietumu Banka” offers its services in Chinese and French in addition to Latvian, English and Russian. AS Rietumu Banka offers retail banking, corporate banking and online brokerage for non-resident individuals and businesses. In addition, it is possible to open a bank account through an online application system.
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07.02.2024 12:26
