Know Your Customer (KYC)

Client Identity Verification Process

Client Identity Verification (KYC)

RIFM, s.r.o., committed to integrity and compliance, adheres to rigorous Know Your Customer (KYC) standards as required by Slovak and European regulations to combat money laundering and financial fraud. Our policies ensure we know our clients comprehensively before and during our engagement.

Goals of our KYC protocols include:

  1. Efficiently and effectively confirming the identity of potential clients.
  2. Reducing financial crime risks by gathering and examining pertinent data.
  3. Detecting and acting upon any transactional anomalies early.

 

Routine Due Diligence (RDD):

Our routine due diligence is essential for beginning and sustaining client relations. This includes:

  1. Systematically acquiring data that verifies each client's identity beyond doubt.
  2. Gaining a thorough understanding of each client’s intended financial activities and objectives.
  3. Continuous surveillance of client activities to align with their declared financial strategies and resource allocations.

 

Intensive Due Diligence (IDD):

For dealings that involve elevated risks, our intensive due diligence goes beyond the routine checks:

  1. Collecting extra documents for identity verification especially when standard proofs are insufficient.
  2. Engaging directly with clients through more in-depth methods, such as video interviews, to verify their credentials.
  3. Closer examination of the client’s financial handling methods to confirm compatibility with our risk management frameworks.
  4. Enhanced monitoring of the client's financial transactions to consistently gauge compliance with our standards.

 

Implementation of KYC Procedures by RIFM, s.r.o.:

For full transparency in our client onboarding and continuous engagement, we implement the following steps:

  1. Initial identity verification is carried out via DocuSign, where clients can securely upload and sign documents electronically.
  2. Clients may initiate the verification process by either scanning a QR code or clicking a secure link sent via email.
  3. Required documentation includes, but is not limited to:
    • Valid national ID card.
      Current passport.
      Driver’s license.
  4. We do not accept any outdated or expired identification documents for verification purposes.
  5. Post document collection, clients proceed to electronically sign the agreement outlining terms of engagement, facilitated through DocuSign. 
  6. Compliance with these protocols is mandatory, and failure to meet them may lead to the discontinuation of the onboarding process.
  7. Non-compliance or failure in the KYC checks results in the rejection of the client application.

Through these steps, RIFM, s.r.o. ensures that all engagements are secure, compliant, and in line with both legal obligations and our corporate ethics. This structured approach to KYC is part of our commitment to maintaining the highest standards of business conduct and regulatory compliance.