KYC / AML Compliance Statement
As a licensed corporate services provider, Legarithm is obliged to the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, as amended, and the Cyprus Bar Association’s AML Directive (2019). These regulations mandate that we implement stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to verify the identity of our clients and assess potential risks.
Required Documentation
To comply with these legal obligations, we collect the following documents during our client onboarding process (additional documents may be required upon decision of the compliance department):
For Individual Clients (Directors, Shareholders, Beneficial Owners, Authorized Persons, or Trustees):
- Proof of Identity: Valid passport or national identity card.
- Proof of Residential Address: A recent utility bill (e.g., electricity, water, gas) or a bank statement issued within the last three months.
- Curriculum Vitae (CV): A detailed CV outlining professional background and experience.
- Bank Reference Letter: A letter from the individual’s bank confirming their identity and account standing.
- Tax Return: A recent tax return or equivalent document to verify financial standing.
- KYC Form: Completion of our KYC form, which includes personal details and an economic profile.
For Corporate Clients (Companies, Trusts, Foundations, or Partnerships):
1. Corporate Documents:
- 1.1 Certificate of Incorporation or Registration.
- 1.2 Memorandum and Articles of Association.
- 1.3 Certificate of Good Standing (if applicable).
2. Beneficial Ownership Information:
- 2.1 A detailed ownership structure chart leading to the ultimate beneficial owners (UBOs).
3. KYC Form for Legal Entities:
- 3.1 Completion of our KYC form for legal entities, providing contact information and an economic profile.
4. Trust Documents (if applicable):
- 4.1 Trust deed and details of trustees, protectors, and beneficiaries.
Liveness check and selfie verification
We may request you to pass a liveness check and a selfie verification as part of the onboarding process. This is processed by fully compliant providers such as SumSub.
Enhanced Due Diligence (EDD)
For clients assessed as high-risk, additional documentation may be required to verify the source of wealth and source of funds. This may include:
- Detailed financial statements.
- Documentation evidencing the origin of funds.
- Additional bank references or letters from financial institutions.
Ongoing Monitoring
In line with the Risk-Based Approach outlined in the AML Directive, we conduct continuous monitoring of client relationships to identify and report any suspicious activities promptly.