Wingform adheres strictly to Know Your Customer/Business (KYC/KYB) and Anti-money Laundering (AML) standards to prevent financial crimes such as identity theft, money laundering, and terrorism financing. This involves verifying customer identities and understanding their economic activities to assess potential risks.
All direct parties to a sales transaction performed on Wingform are obliged to undergo the compliance check before entering into a deal. Brokers can invite their clients, who are also direct parties to the transaction, to undergo compliance verification right on the platform.
What are KYC and KYB?
1. KYC (Know Your Customer): A regulatory measure requiring the verification of a customer's identity and the legitimacy of their source of funds before opening an account to prevent fraud and other financial crimes. Wingform follows these steps in KYC:
- Establishing customer identity
- Understanding customer activities
- Assessing money laundering risks
2. KYB (Know Your Business): This is similar to KYC but focused on verifying the authenticity and financial transactions of businesses to prevent financial fraud. It involves business verification and monitoring using data from public archives and AML databases.
How Does Wingform Implement Compliance Checks?
Wingform has implemented a robust KYC/KYB program comprising:
- Customer Identification Program (CIP)
- Customer Due Diligence (CDD)
- Ongoing monitoring
These checks are streamlined globally through third-party service provider SumSub, offering identity verification and fraud prevention services.
Additionally, Wingform employs AML-CFT/Sanction/Adverse Media Screening using various data sources to maintain high due diligence and compliance standards, which includes checks for potential involvement in financial crimes, sanction screening, and assessment of political exposure and risk profiles.
How Do I start KYC/KYB verification?
Direct parties of transactions
If you are a direct buyer or seller, you can proceed to your Company Profile in the Workspaces section and start the verification by pressing a Start KYB button.
You will be redirected to the compliance verification page where you can enter required information and upload necessary documents. Where required, UBOs of the company will be invited for verification.
On completion of the verification, you will be notified through email and the platform.
Brokers' clients
If you are a broker, in your client's profile you have two options to verify your clients- direct parties of transactions you manage on the platform. You can either complete:
AML Check - screening of your client against sanction and money laundering lists (no involvement of the client is required) or
Full KYC/KYB verification. In this case, your client will receive a verification link to their email.
You will be notified as soon as your client completes the process. The KYC/KYB report will then be available in the client's profile.
Conclusion
In summary, Wingform is committed to upholding the highest standards of compliance and maintaining a zero-tolerance approach to money laundering and terrorist financing to protect users and ensure the integrity of transactions on its platform.