The EXIM Bank’s ‘Know Your Customer’ requirement popularly known as KYC, is the due diligence process undertaken by the Bank to obtain and verify customer information. The provision of KYC documentation allows the Bank to deter the unscrupulous without hindering forward thinking, entrepreneurial companies from carrying out legitimate activities, and helps to prevent the Bank from being used to facilitate money laundering activities.
The Bank’s KYC due diligence process involves, inter alia:
- Obtaining the registered name and address of your business
- Identifying all signing officers and directors for your business
- Identifying shareholders with over 25% shareholding
- Obtaining Certified copies of Certificate of Incorporation, Memorandum & Articles of Association.
- Soliciting audited and interim financial data
- Knowing the nature of your business
- Obtaining bank and trade references and credit reports
- Verifying information provided through Site visits