Skip to main content

Posts

Showing posts with the label Compliance

How To Perform KYC Checks on a Central Bank? How To Onboard a Central Monetary Authority?

Central Banks are not a very difficult entity to on-board as a counter party because risk based approach will suggest that it is one of the least risky proposition if done correctly. Here are the main steps to perform counterparty check on a Central Bank: 1.        Check on Bank for International Settlements (BIS) that it listed on that website.  The name should match exactly and link should take you to your potential counter party’s website.  The website link for BIS is https://www.bis.org/ .  This is the confirmation that your counterparty is a central bank. 2.        Get the proof of existence and name. This can be achieved by using central bank’s website and Bankers Almanac. Bankers Almanac is an acceptable source for most banks. The link to their website is https://www.bankersalmanac.com/formslogin.aspx# This is not a free resource and your organization will have to pay for this website but it is very important source for banking institutions as it can con