Know Your Business (KYB) Compliance In accordance with KYB guidelines, we conduct thorough due diligence to verify the identity and legitimacy of every business entity we work with. This process ensures that all businesses, their beneficial owners, and key stakeholders meet the necessary legal requirements before entering into any financial or business relationship with us. - Business Identity Verification: We collect and verify essential details about your business, such as: - Legal Business Name - Tax Identification Number (TIN) - Business Address and Structure - Incorporation and Ownership Information - Ultimate Beneficial Ownership (UBO) Identification: We identify and verify all individuals who own or control 25% or more of the business, ensuring transparency. --- Customer Identification Program (CIP) In compliance with Section 326 of the USA PATRIOT Act of 2001, we have implemented a robust Customer Identification Program (CIP) to verify the identity of our clients. Our CIP aims to prevent the financing of terrorism and money laundering activities through the identification of all relevant parties involved in business transactions. - Key Procedures: - Collection of identifying information for businesses and beneficial owners. - Verification of this information through trusted sources and official documents. - Ongoing monitoring to detect and report suspicious activities. - Information Collected: - Business formation documents - Government-issued identification of owners - Financial and operational records
Anti-Money Laundering (AML) Compliance We adhere to all Anti-Money Laundering (AML) regulations as set forth by the Bank Secrecy Act (BSA) and enforced by FinCEN. Our AML program is designed to prevent the illegal use of our services by detecting, monitoring, and reporting suspicious activity. - AML Procedures: - Risk-Based Approach: We assess the risk level of every client based on the type of business, geographic location, and transaction volume. - Customer Due Diligence (CDD): We perform thorough checks to verify the legitimacy of our clients and their operations. - Ongoing Monitoring: We continuously monitor transactions to identify any suspicious or unusual activity, with systems in place to detect money laundering or terrorist financing. - Filing of Suspicious Activity Reports (SARs): We file SARs with FinCEN if we detect suspicious transactions or behaviors. --- USA PATRIOT Act of 2001 Compliance The USA PATRIOT Act requires financial institutions to implement stringent policies to prevent terrorist financing and money laundering. We strictly adhere to these requirements to ensure that all business activities and client relationships comply with U.S. law. - Section 326 Compliance: As part of our compliance with the USA PATRIOT Act, we follow procedures for: - Verifying the identity of all business clients and UBOs. - Maintaining accurate records of identification information. - Reporting any suspicious or illegal activities to the relevant authorities. --- FinCEN (Financial Crimes Enforcement Network) Reporting As mandated by U.S. law, we report to the *Financial Crimes Enforcement Network (FinCEN)* to ensure the prevention and detection of financial crimes. This includes the reporting of suspicious activity, large transactions, and other relevant financial information. - FinCEN Requirements: - Record Keeping: We retain all records of client identification and business transactions for a minimum of five years. - Suspicious Activity Reports (SARs): We promptly file SARs to FinCEN whenever we detect unusual or suspicious activity in line with AML and BSA requirements. --- Customer Due Diligence (CDD) Procedures We conduct Customer Due Diligence (CDD) as part of our commitment to knowing our clients and managing risk. Our CDD practices help us understand the nature of each client’s business, assess their risk levels, and ensure ongoing compliance with all regulatory frameworks. - Basic and Enhanced Due Diligence: Depending on the risk level, we apply both basic and enhanced due diligence measures to monitor business relationships and transactions. - Periodic Review: We perform periodic reviews of client profiles to ensure continued compliance as businesses evolve.
Your Information Is Secure We are committed to protecting your privacy and sensitive information. All data collected as part of our compliance program is securely stored in line with data protection laws, and only authorized personnel have access to this information. --- Transparency and Legal Compliance At International Business Advisors, LLC. transparency is at the core of our business. Our compliance program is regularly reviewed and updated to align with changes in AML laws, FinCEN guidelines, and the USA PATRIOT Act. We ensure that all business interactions are conducted ethically and within the framework of international and U.S. regulatory standards. --- Questions? If you have any questions about our compliance programs or would like more information, please contact us at info@iba-us.com We are committed to safeguarding the integrity of our business and the clients we serve
