Governments around the world are taking drastic steps to ensure that people and companies are not a conduit for money which may be used in terrorism or organized crime, known as money laundering.

KYC is the due diligence process that ensures you know your client and from where their money is coming. Banks, financial institutions and other regulated companies must now, by law in some countries, perform a KYC check to identify their clients and ascertain relevant information pertinent to doing financial business with them.

The Patriot Act (US) and Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Australia), requires strict reporting and investigation procedures, where the onus is on companies 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.

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 must now perform a KYC 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 very competitive rates. Talk to GCS about developing a KYC plan that ensures you are compliant.