Know your client
Why You Should Check Out Your Client
Know your Client (KYC) is arguably the most important aspect of the UK’s anti-money laundering legislative requirements and businesses that are required to comply with anti money laundering legislation must comply fully with them. However being sure who you are doing business with should form the basis of all business relationships so that you know exactly who you are contracting and working with.
Identity theft is a growing issue for businesses and is sometimes used by criminals to appear to be respectable companies. Checking out potential suppliers should form part of corporate due diligence procedures. By checking out your suppliers properly you can be more certain that they will deliver the services they say that they can deliver, and also be less exposed to the risk that they will fail during the term of your contract.