Know Your Customer (KYC)
Beneficial Owners, Effective Controllers & Customers
To comply with AML you need to make a list of people who are beneficial owners, effective controllers or customers. The information you need to verify for each person will depend on the customer due diligence level that applies.
2Shakes helps you to find a list of people for identity verification by using the NZBN to search companies office. 2Shakes finds the directors, possible trusts and then keeps looking through all the layers of companies and share ownership to provide you a list of people to consider for identity checks.
AML legislation asks that you verify the identity of the customer, whoever owns the customer and whoever is ineffective control of the customer. 2Shakes presents the information held at companies office to show you a list of the directors (who are often in effective control), and the shareholders (owners).
We can also identify where ownership appears to be held in a trust or a foreign company. 2Shakes has additional features to help record trust information here.
Use this link to find out more information about AML in 2Shakes.