1. Introduction
Know Your Customer (KYC) is a critical process implemented by GTF-GROUP to verify the identity of our clients, assess potential risks of illegal intentions, and ensure compliance with anti-money laundering regulations.
2. Purpose of KYC
Our KYC procedures are designed to:
- Prevent identity theft, financial fraud, money laundering and terrorist financing
- Enable us to understand our customers and their financial dealings better
- Manage risks prudently
- Comply with applicable laws and regulations
3. Customer Identification Program (CIP)
For Individual Customers
We require the following information and documentation:
- Full legal name
- Date of birth
- Current residential address
- Government-issued photo ID (passport, national ID card, or driving license)
- Proof of address (utility bill, bank statement, or rental agreement dated within 3 months)
- Tax identification number
For Business Customers
Additional requirements include:
- Certificate of incorporation
- Business registration documents
- Proof of business address
- Identification of beneficial owners (25% or more ownership)
- Board resolution for account opening
- Financial statements (if applicable)
4. Customer Risk Assessment
We categorize customers into different risk levels based on:
Low Risk
- • Salaried employees
- • Government entities
- • Listed companies
Medium Risk
- • Cash-intensive businesses
- • Non-residents
- • Complex structures
High Risk
- • PEPs
- • High-risk countries
- • Shell companies
5. Enhanced Due Diligence (EDD)
For high-risk customers, we apply enhanced due diligence measures including:
- Additional documentation on source of funds and wealth
- More frequent account monitoring
- Senior management approval for account opening
- Regular review of the customer relationship
6. Ongoing Monitoring
KYC is not a one-time process. We continuously monitor:
- Transaction patterns for unusual activities
- Changes in customer circumstances
- Updates to customer information
- Sanctions and PEP lists
7. Document Verification Process
-
Submission: Customer uploads required documents through our secure portal
-
Verification: Our team verifies authenticity using advanced verification tools
-
Approval: Account is activated upon successful verification
-
Storage: Documents are securely stored in compliance with data protection laws
8. Customer Responsibilities
Customers are required to:
- Provide accurate and complete information
- Submit genuine documents
- Update information when circumstances change
- Cooperate with periodic review requests
- Respond promptly to additional information requests
9. Data Protection and Privacy
We are committed to protecting your personal information:
- Data is encrypted and stored securely
- Access is restricted to authorized personnel only
- Information is shared only when legally required
- We comply with GDPR and other data protection regulations
10. Consequences of Non-Compliance
Failure to comply with KYC requirements may result in:
- Delay in account opening
- Restrictions on account functionality
- Account suspension or closure
- Reporting to regulatory authorities
11. Frequently Asked Questions
Why do I need to provide so many documents?
These requirements are mandated by law to prevent financial crimes and protect both you and the financial system.
How long does the verification process take?
Typically 1-3 business days for standard applications. Complex cases may take longer.
Is my information safe?
Yes, we use bank-grade encryption and security measures to protect your data.
12. Contact Us
For questions about our KYC process:
KYC Support Team
Email: kyc@gtf-group.xyz
Phone: +33 1 XX XX XX XX
Hours: Monday - Friday, 9:00 - 18:00 CET
