KYC/AML compliance inspection service

KYC/AML compliance inspection service

The international Namecheck data system complies with Customs and Excise’s supervision and record keeping requirements to help prevent money laundering and other financial fraud schemes.
We include free screening checks on international sensitive lists and other services required by banks and other financial institutions worldwide.

World-class systems include:

  • World Check
  • Accuity
  • Dow Jones
  • OFAC

What is a name compliance review?

It is a service provided by world-renowned suppliers consisting of identifying whether a name used for a transaction is related to financial crime or reputational risks.

Suppliers gather the latest information from around the world timely in order to provide the most up-to-date and most definitive information on the matter.

This service complies with compliance laws around the world and is used by many world-renowned banks. Its credibility is unquestionable.

Name compliance review case

Name Compliance Review: Chen Shui-bian
Name Compliance Review Results: HIT,“Political Sensitive People”, Criminals, Country Region: Taiwan

If a transaction is carried out with a HIT name compliance review, MSO will probably be required by bank to provide payee certificate and related transaction contract documents, and following consequences may happen:

  1. It may affect the progress of remittance transactions
  2. It is also possible to be spot checked for other remittance transactions in the same deposit account
  3. Bank accounts may freeze
  4. The case might be handed over to the police

From the point of view of the Hong Kong Customs and Excise Department, if the remittance business did not perform due diligence and involved suspected money laundering activities, the result was that the remittance business was delisted and criminally liable.

How does a name compliance review help the replacement dealer?

  1. It helps to weight trading risks, reject and report suspicious transactions
  2. If a suspicious name is found, we will firstly ask customer for a more detailed document
  3. This procedure helps reduce the risk of the changer’s name being used for money laundering or terrorist financing activities
  4. The name compliance review is the most effective method of determining transactions without other supporting documents
  5. The name compliance review meets the requirements of the Hong Kong Customs and Hong Kong laws.
  6. The records generated in this review can also be used for legal evidence if necessary