The Importance of Know Your Customer (KYC) and AML/CTF

When Kovena onboards a new customer, an in-depth identity check will occur. The information and documents that will need to be supplied are to prove the business(es) are legitimate, and that the client(s) are who they say they are. The documents are listed below:

The KYC process involves examining the client entity and conducting verification on the individuals who are associated with the entity. Kovena will verify individuals with 25% (or more) beneficial ownership. If there are no beneficial owners with at least 25% ownership, we may ask that a single individual with control over the entity’s finances and (or) operations be verified on behalf of the entity. 

The following details below are needed when verifying clients:

Business Details

• Country of Registration
• Registered Entity Name
• Business Registration Number
• Entity Type (i.e. Individual, Private Company, Partnership, Trust, Public Company, or Other)
• Date of Registration
• Registered Address and Trading Address
• Website URLs

Providing Necessary Documents

• Beneficial Owners Identification (e.g. Passport, Driver’s License, or other forms of Photo ID)
• Proof of Business Registration (e.g. NIB, Local Registration Number, etc.)