KYC POLICY
Introduction and company information
Marine Services International or “the Company”) aims to prohibit, detect and engage in the prevention of money laundering and terrorism financing activities as well as strong Know Your Customer policies and procedures and endeavours to diligently comply with all related laws, rules and regulations to uncover and detect and prevent business activity with any entity that is found to be compromised or associated with any untoward practices or has engaged in any of the abovementioned illegal activities. The management of the Company is committed to utilising third party processes in screening potential business with rigorous Know your Client (“KYC”) screening procedures which are followed by the Company in order to achieve full compliance with the relevant AML, identifying Economic Sanctions Individuals and Entities and complying with all Anti-Money Laundering (“AML”), Counter Terrorism Financing (“CFT”) legislation to avoid compromising the company in entanglements with these untoward individuals and entities. The company voluntarily screens potential business clients with their consent prior to conducting business with the entities. The purpose of our efforts to enforce compliance by Clients receiving KYC screening procedures is to reduce Marine Services International’s risk exposure to fraud and corruption and to verify Clients with an on-boarding process to perform due diligence to identify trustworthy entities who comply with industry standards and regulations to increase security and associate with only credible business clients.
We utilise third party providers to perform this due diligence to gather data on potential clients combined with data that is submitted by site users wishing to do business with us from our Contact, Consultation and RFQ Forms which are required in order to do business with Marine Services International.
KYC PROCESS
As a site user, if you choose to become a trusted client with Marine Services International, We obtain your consent and business information to proceed with the KYC client on- boarding process which involves a number of basic steps to verify individuals and entities who we are able to do business with.
After completing our Contact page specific on boarding forms, the client will receive a link from our trusted third party KYC affiliate and depending on the risk level we are able to perform a host of verifications to satisfy our requirement.
- The Third Party KYC affiliate process commences by gathering crucial customer information such as full name, DoB, address, and other relevant details.
- After gathering the customer’s information, the data is processed, and the customer’s identity is thoroughly verified to ensure accuracy and legitimacy.
- After the initial check, continuous monitoring of document expiry and appearances in databases is crucial for compliance and detecting suspicious activities.
- Other checks may be required including Proof of Funds, Source of Funds, Sanction Checks, AML Screening, Business Verification Checks, and others as required.
- Company Information Verification – Applicants provide essential company details, including company name, business activity, country of registration, phone number, and email address.
- Documents Submission- Depending on the country, documents are categorised into three groups: registration documents, authorised person information, and UBO (Ultimate Beneficial Owner) information.
- Business Address Authentication -Applicants provide the company’s address and submit a proof document.
- Authorised Person’s Verification – The applicant submits an identification document of the authorized We conduct a semi-automated check for document legitimacy, alongside database screening and company documents.
- Sanctions Checks and AML and CFT Enhanced Checks.
The KYC information is then compared to lists of individuals and organisations that are known to governments and law enforcement agencies.
The lists have a number of different aims:
- To identify individuals suspected of being involved with criminal activities
- To detail which jurisdiction’s international sanctions companies or individuals fall under
- To provide intelligence on companies or individuals suspected of taking part in bribery or criminal money launderers.
- To identify Politically Exposed Persons (PEPs)
A few examples of internationally published lists include:
10. The final step in the process is that once Marine Services International receives notification from our KYC third party verifier the verifications are complete, Notification / Reminder emails will be sent to the on-boarding Clients informing them of the results and instructions how to proceed.
We aim to protect the integrity and security of our trusted clients, our firm and its affiliates and those with whom we do business with. In today’s business world, “Trust but verify” is an excellent motto to live by and we live up to that motto.
Adhering to our KYC process allows us to build trust with both new and long-standing clients, mitigate the risk of fraud, and enhance our compliance measures. This strengthens identity verification and ensures safer, more reliable customer transactions in the future.