At Metalshub we are creating the future of metals trading. And we take our promise to create this future as a safe place for you very seriously. So seriously that we have individually reviewed and approved over 300 companies which are now actively trading on our platform. Our Know Your Customer (KYC) process is your security check into the world of trading on the Metalshub platform.
The focus of this review is to identify suspicious or fake companies intending to abuse the market place or take advantage of other users, as well as to screen companies for any money laundering or any other illegal involvement.
The heart of our Know Your Customer process
It is the Due Diligence procedure which assesses and monitors risks to customers.
In a nutshell, it follows these steps:
- Understand the nature of the company’s activities (primary goals are to make sure that the companies on-boarded on Metalshub platform are indeed in the ferroalloy and metals business and to satisfy that the source of the company’s funds is legitimate)
- Establish the business identity of the company
- Identify beneficial owners ideally up to the level of “natural” person(s) benefiting from the business
- Screen for money laundering risks associated with the company owners for the purposes of monitoring company activities
- Check the company and its owners against sanctions lists
Establishing a company’s business identity
It includes collection, verification and record keeping of the company identification information and screening of its owners against anti-money laundering and sanctions lists.
Our Due Diligence confirms beneficial owners, screens the sanctions list against beneficial owners and relevant entities and checks the involvement of politically exposed persons (“PEP”).
We are looking for “red flags” relating to:
- Location of the business
- Occupation or nature of the business
- Articles of incorporation, partnership agreements, and business certificates
- Identification of beneficial owners of a company
- Local market reputation through review of media sources
Our best practices include revising and refreshing due diligence information every six to twelve months and monitoring alerts for the companies approved for trading on our platform.
Welcome to the security check. A world of safe and secure trading awaits you. Happy trading!
Purchase Metalshub KYC reports directly on our marketplace or by sending an email to email@example.com
Previous related posts: Counterparty Due Diligence on Metalshub