After the scandals of the early 2000’s, and to prevent money laundering, a KYC (meaning “Know Your Customer”) procedure became mandatory in many countries, including France, the UK and the USA.
KYC applies to all participants of the financial services industry, from banks to accountants and auditors. Before any engagement, the professional must conduct appropriate research into the client’s background: where the funds come from, and who is the ultimate beneficiary of the transaction/company proceeds, etc.
The Loi Sapin II of 9th December 2016 lead to the creation of the Ultimate Beneficiaries Register, bringing in new rules for declaring Ultimate Beneficiaries.
At Maupard we believe this extra formality may seem like a burden to some of our clients – yet another form to fill in for the French Tax Administration!
We also believe in trust and transparency, which is why we offer a service that will enable our clients to feel as hassle-free as possible whilst also ensuring they comply with the law.
However, we don’t just declare your effective beneficiary. Some people who meet the final beneficiary criteria may not wish to be declared as such for various reasons. Again, Maupard can advise and accompany you through this process.