What is 3S Money’s compliance and KYC process?
These are designed to prevent money laundering and other criminal activity - i.e. for banks and other institutions to understand who's using their services.
At 3S Money, we combine a human touch with a risk-based approach to service clients from 190+ countries.
Learn more about our compliance and KYC policies below. Ready to get started? Check you eligibility today.
What is compliance and KYC?
Compliance and Know Your Customer (KYC) are measures taken by banks and other financial institutions to ensure that clients comply with any laws or internal procedures.
When prospective clients apply to a bank to use its services, compliance and KYC are the first stage they’ll encounter.
For example, they can begin to assess the risk involved with the client based upon which country they come from or which industry they’re based in.
What is 3S Money’s approach to compliance and KYC?
We’re proud to work with businesses from what are often considered ‘high-risk’ countries, but never high-risk industries.
This personal touch begins with our Sales team’s initial phone call during your onboarding and continues to when you need to open an international account or make an overseas payment.
A conversation with our Sales team
Think of this as a pre-vetting process.
During this introductory conversation with one of our dedicated sales team, they’ll request more information about your business – which industry you’re a part of, where your company is based, and request documents detailing your business activities.
We do early in the process to ensure it doesn’t fall within our list of prohibited industries or countries.
This will also be your opportunity to ask any questions you have about 3S Money and how we can best support your business.
KYC (Know Your Customer) is an integral part of this process, as we need to understand factors such as the structure of your company, where your directors are based, and evidence of funds.
It’s important as it allows us to verify our customers are who they say they are.
Anti-money laundering and transaction monitoring
A crucial part of our compliance approach, we’ll need evidence of who you’re receiving funds from, along with where you’re paying out to.
What documents will I need for my compliance and KYC checks?
While applying for a 3S Money International Business Account, it helps to have the following information ready about your company:
For all company directors, major shareholders and account operators
Passports: a scan of the document
Proof of address: a scan of a utility bill, bank statement or tax document with your details
For the company itself
Company Registry Extract (no older than 6 months)
Any other document confirming good standing of the company, management and shareholding structure.
What industries does 3S Money not accept?
At 3S Money, we don’t work with the following industries:
How does 3S Money’s human approach to compliance and KYC benefit me?
With traditional banks continually making the transition towards automated systems or reliant upon outdated processes, 3S Money was founded with a different philosophy.
We provide a personal touch
Whether that’s offering immediate advice on documentation you need or answering any queries you may have. It doesn’t matter where you are in the world.
If you’re a non-resident looking to open an International Business Account, one of our team will be available to answer any queries you have.