Archive for category Anti-Money Laundering

KYC Know Your Criminals?

By Natalia Ros Back when the new KYC rules first came into effect, law firms and financial institutions turned their processes upside down and revamped their on-boarding procedures. Policies were written, meetings were held, forms were made, reviewed and re-done, and staff were trained – all to ensure that the KYC requirement is complied with. […]

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Client Onboarding Process Challenges

Client onboarding is a process that opens the doors to your organization. When a potential client sets a foot in your door, he/she is likely still in a shopping mode trying to select the best organization to deal with. The onus is, therefore, on your organization to get this client rooted into your services through […]

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AML/KYC Due Diligence Solution

ESC Corporate Services Ltd. now offers Customer Onboarding  Verification Reporting (COVR) Solution Key Benefits Enhance On-boarding due diligence practices across the Enterprise Improved efficiency in completing on-boarding processes Minimize risk by using third party verification to ascertain Client information Increase productivity by reducing time consuming manual documentation review Easily manage and monitor change of Client […]

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Money Laundering and its effects on Integrity of Financial Institutions

At ESC Corporate Services, we know the importance of developing and carrying out Anti-Money-Laundering procedures to our clients. Money Laundering has become a widely talked-about issue in most all countries of the world. It’s negative effects are wide-spread both at the macro and micro levels whereby both governments and financial institutions are affected.  In this article, […]

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“Know Your Client” quick reference of ESC services

ESC Corporate Services is a Licensed Service Provider under contract with the Ministry of Government Services. Effective December 31, 2008, the New Client Identity & Verification Requirements under By-Law 7.1 introduced by The Law Society of Upper Canada (LSUC) require all lawyers and paralegals to verify the identify of clients (and any 3rd party beneficiary or […]

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ESC’s “Know Your Client” Guidelines for Lawyers

In an attempt to prevent money laundering activities by law firms’ clients, the New Client Identity & Verification Requirements under By-Law 7.1 introduced by The Law Society of Upper Canada (LSUC) require all lawyers and paralegals to verify the identify of clients (and any 3rd party beneficiary or principal for whom the client acts or represents), […]

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How Money Laundering affects Economy and why it Needs to be Prevented

In our previous post “Money Laundering is still a growing issue in Canada”, we discussed what money laundering is and how, despite the efforts to battle it, it is still an ever growing problem. But why, one might ask, is it such a big problem? What bad can it possibly cause if money is laundered […]

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