Due Diligence and Know Your Customer Policies Clause Samples
The 'Due Diligence and Know Your Customer (KYC) Policies' clause requires parties to verify the identities and backgrounds of their counterparties before entering into a business relationship. This typically involves collecting and reviewing documents such as identification, proof of address, and information about the nature of the business, as well as screening for compliance with anti-money laundering and anti-terrorism regulations. The core function of this clause is to mitigate legal and financial risks by ensuring that all parties are legitimate and compliant with relevant laws, thereby preventing fraud and unlawful activities.
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Due Diligence and Know Your Customer Policies. CI is required to perform due diligence on new customers and to periodically review current customers to make sure the payments handled by CI are for legitimate and legal purposes. Client agrees to cooperate promptly with CI in any due diligence requests that CI may submit to Client. Moreover, Client agrees and understands that due diligence requests by CI benefit all clients by ensuring that all customers of CI are bona fide and legal business operations. These due diligence operations benefit all clients of CI by protecting the services provided and ensuring the continuity of the CI business model. All information provided in the CI or CI Client Application (“Application”) must be truthful, including Client’s business website’s title, description, category, and all other requested information. Provision of false, incorrect or deceptive information may result in the termination, locking or closing of Client’s CI account. Client hereby grants to CI the right to access the Client’s site through manual observation or automated search techniques in order to confirm the accuracy of the application information. Client agrees to provide true, accurate and complete Application information and to maintain and promptly update the Client account information as applicable. Client agrees not to impersonate any other person or use a name that Client is not authorized to use. If any information provided is untrue, inaccurate, not current, or incomplete, without limiting other remedies, CI has the right to terminate the Client’s use of the Service. Client hereby authorizes CI, directly or through third parties, to make any inquiries considered necessary to validate the information contained in the Application. This may include ordering a credit report and performing other credit checks or verifying the information Client provides against third party databases. CI regularly reviews its clients to ensure they are properly identified and this is enforced through a rigorous know your customer policy. Customers may not be on any list of known fraudsters, terrorists, money launderers, Office of Foreign Assets Control's Specially Designated Nationals list, lists from third party vendors that track links between persons regarded as high-risk owing to negative reports in the media about them or in public records or any other lists that are now or may become available to CI in the future. CI refuses to work with or process payments for any customer that is found to be undesirable,...