Anonymous Wire Transfers

Due to know-your-customer/client (KYC) regulations it is not possible to achieve 100% complete anonymity for wire transfers.

 

Know your customer (KYC) refers to due diligence activities that financial institutions and other regulated companies must perform to ascertain relevant information from their clients for the purpose of doing business with them. The term is also used to refer to the bank regulation which governs these activities. Know Your Customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agents', consultants' or distributors' anti-bribery compliance. Banks, insurers and export credit agencies are increasingly demanding that customers provide detailed anti-corruption due diligence information, to verify their probity and integrity.

Know your customer policies are becoming increasingly important globally to prevent identity theft, financial fraud, money laundering and terrorist financing
 

 

 

The objective of KYC guidelines is to prevent banks from being used, intentionally or unintentionally, by criminal elements for money laundering activities. Related procedures also enable banks to know or understand their customers, and their financial dealings better. This helps them manage their risks prudently. Banks usually frame their KYC policies incorporating the following four key elements:
Customer Acceptance Policy;
Customer Identification Procedures;
Monitoring of Transactions; and
Risk management.
 


For the purposes of a KYC policy, a Customer may be defined as :
a person or entity that maintains an account and/or has a business relationship with the bank;
one on whose behalf the account is maintained (i.e. the beneficial owner);
beneficiaries of transactions conducted by professional intermediaries, such as Stock Brokers, Chartered Accountants, Solicitors etc. as permitted under the law, and
any person or entity connected with a financial transaction which can pose significant reputational or other risks to the bank, say, a wire transfer or issue of a high value demand draft as a single transaction.

Typical KYC controls
 

 


KYC controls typically include the following:
Collection and analysis of basic identity information (referred to in US regulations and practice a "Customer Identification Program" or CIP)
Name matching against lists of known parties (such as "politically exposed person" or PEP)
Determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
Creation of an expectation of a customer's transactional behavior
Monitoring of a customer's transactions against their expected behaviour and recorded profile as well as that of the customer's peers

 

 

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