FAQ

Due Diligence is the process of evaluating a prospective business relationship by obtaining information about the financial, legal, and other material state of the other party.

The Financial Intelligence Unit (FIU) in a country is a government agency that is responsible for receiving, analyzing, obtaining and disseminating information which relates to or may relate to the proceeds of money laundering or criminal offences.

Know Your Customer (KYC) is the activities of customer due diligence that financial institutions and other regulated businesses must perform to identify their customers and ascertain relevant information pertinent to doing financial business with them. KYC enables businesses to know/understand their customers and their financial dealings to be able to serve them.

Money Laundering is the process criminals use to exchange their dirty money (funds they made through illegal activity) for clean money (funds that can’t be traced back to the crime or the criminals).

Politically Exposed Person (PEP) is a person identified as a senior foreign or domestic political figure, any member of their immediate family and any close associate. PEPs are individuals who have or have had positions of public trust.

Risk Assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat.