DEVELOPMENT OF INTERNAL KYC/AML PROCEDURES AND QUESTIONNAIRES

AML and KYC policies are a set of internal rules that provide for verification and other actions within the company to combat illegal and fraudulent activity. AML and KYC policies are developed in order to identify customers and business partners in the framework of combating the legalization (laundering) of illegally obtained income. These policies are mandatory for structural divisions and employees of the company.

In order to identify a legal or private person, a KYC questionnaire shall be developed, which must contain full information about the person being identified. The purpose of this questionnaire is to find out the origin of incoming cash flows, the estimated turnover, information about partners, to identify the true beneficiary, and also to obtain information about associated companies.