KYC COMPLİANCE

Know Your Customer (KYC) compliance regulation has proved to be one of the biggest operational challenges banks, accountants, lawyers and similar financial service providers worldwide have had to overcome.World-Check, the industry standard KYC compliance solution, provides an overview of KYC compliance and its origins, and outlines the compliance mandate as applicable to banks, accounting firms, lawyers and other regulated financial service providers – not just in the UK, Europe and the USA, but all around the world. Relied upon by more than 3,000 institutions worldwide, this KYC database solution provides effective legal and reputational risk reduction.Why “Know Your Customer?”The 9/11 terrorist attacks on the World Trade Centre revealed that there were sinister forces at work around the world, and that terrorists activities were being funded with laundered money, the proceeds of illicit activities such as narcotics and human trafficking, fraud and organised crime. Overnight, the combating of terrorist financing became a priority on the international agenda.For the financial services provider of the 21st century, “knowing your customers” was no longer a suggested course of action. Based on the requirements of legislative landmarks such as the USA PATRIOT Act 2002, modern Know Your Customer (KYC) compliance mandates were created to simultaneously combat money laundering and the funding of terrorist activities.What is Know Your Customer (KYC)?Know Your Customer, or KYC, refers to the regulatory compliance mandate imposed on financial service providers to implement a Customer Identification Programme and perform due diligence checks before doing business with a person or entity.KYC fulfils a risk mitigation function, and one its key requirements is checking that a prospective customer is not listed on any government lists for wanted money launders, known fraudsters or terrorists.If preliminary KYC checks reveal that the person is a Politically Exposed Person (PEP), for example, Advanced Due Diligence must be done in order to ensure that the person’s source of wealth is transparent, and that he or she does not pose a reputational or financial risk in terms of their finances, public positions or associations. Beyond customer identification checks, the ongoing monitoring of transfers and financial transactions against a range of risk variables forms an integral part of the KYC compliance mandate.But to understand the importance of KYC compliance for financial service providers better, its origins need to be examined.Origins of Know Your Customer (KYC) complianceThe arrival of the new millennium was marred by a spate of terrorist attacks and corporate scandals that unmasked the darker features of globalisation. These events highlighted the role of money laundering in cross-border crime and terrorism, and underlined the need to clamp down on the exploitation of financial systems worldwide.Know Your Customer (KYC) legislation was principally not absent prior to 9/11. Regulated financial service providers for a long time have been required to conduct due diligence and customer identification checks in order to mitigate their own operation risks, and to ensure a consistent and acceptable level of service.In essence, the USA PATRIOT Act was not so much a radical departure from prior legislation as it was a firmer and more extensive articulation of existing laws. The Act would lead to the more rigorous regulation of a greater range of financial services providers, and expanded the authority of American law enforcement agencies in the fighting of terrorism, both in the USA and abroad.In October 2001, President George W. Bush signed off the USA PATRIOT Act, effectively providing federal regulators with a new range of tools and powers for fighting terror financing and money laundering. During July 2002, the US Treasury proceeded to introduce Section 326 of the PATRIOT Act, a clause that removed some key burdens for regulators and added significant enforcement muscle to the Act.What 9/11 changed, in essence, was the extent to which existing legislation was being implemented. Using the provisions of the earlier anti-terrorism USA Act as a foundation, it included the Financial Anti-Terrorism Act, which allowed for federal jurisdiction over foreign money launders and money laundered through foreign banks. Significantly, it is this anti-terror law that would make the creation of an Anti Money Laundering (AML) programme compulsory for all financial institutions and service providers.Section 326 of the USA PATRIOT Act dealt specifically with the identification of new customers (“CIP regulation”), and made extensive provisions in terms of KYC and the methods employed to verify client identities.In accordance with this piece of updated KYC legislation, federal regulators would hold financial institutions accountable for the effectiveness of their initial customer identification and ongoing KYC screening. Institutions are required to keep detailed records of the steps that were taken to verify prospective clients’ identities.Although current KYC legislation does not yet demand the exclusion of specific types of foreign-issued identification, it recommends the usage of machine-verifiable identity documents. The ability to notify financial institutions if concerns regarding specific types of identification were to arise, combined with a risk-based approach to KYC, proved to provide a robust mechanism for addressing security concerns.Effectively, the risk-based approach to customer due diligence grants regulated institutions a certain degree of flexibility to determine the forms of identification they will accept, and under which conditions.KYC compliance: Implications for banks, lawyers and accounting firmsThe KYC compliance mandate, for all its positive outcomes, has burdened companies and organisations with a substantial administrative obligation. Additionally, KYC compliance increasingly entails the creation of auditable proof of due diligence activities, in addition to the need for customer identification

SHADYSİDE INN SUITES

Shadyside Inn Suites is different. Your idea of staying in a hotel is about to change. Our suites are not typical hotel rooms. In fact we do not have rooms; we only offer suites. Why are we different? Your suite is a fully furnished apartment with the same amenities as a hotel located in a residential neighborhood. It’s not just any neighborhood, it's Shadyside, Pittsburgh’s most quaint, trendy, and upscale urban area. Picture Boston’s Newberry Street, or New York’s East Village and you will get an idea of what the Shadyside area is like.

Imagine having your own apartment in the best location in Pittsburgh for as little as a day or for as long as a lifetime. Shadyside Inn Suites is as flexible as you need. Only going to be here for a night? Why not have your own fully equipped apartment? Need somewhere to stay for a month while your house is renovated? Shadyside Inn Suites is your answer. Looking to attend the University for only nine months? Shadyside Inn Suites can accommodate. Think this is going to cost you more than a hotel? Not even close. Our rates are lower, our suites are double the size of any hotel in the area, our parking is free, and our location is unrivaled.

Our suites are located within a block or two of some of the best dining, entertainment, and shopping in Pittsburgh. At your door are 135+ shops, 15+ restaurants and some of the best nightlife in the area. Shop in small boutiques, visit your favorite national store, and dine on cuisines from all over the world. Shadyside living is unmatched.

Stay in Shadyside and still be approximately 4 miles from Downtown Pittsburgh and the Convention Center and less than 1 mile from the following hospitals: Presbyterian, Montefiore, Magee Women's, Falk Clinic, West Penn, Children's, Shadyside Hospital, and Western Psychiatric

Within 1 mile of the Shadyside Inn Suites is The Carnegie Museum of Art, The Museum of Natural History, The University of Pittsburgh, Carnegie Mellon University Chatham College, and Carlow College.

Besides coming for a visit, the best way to learn about our story is read what other people have said about us. Please click on the following links to read what the professionals have to say.