Sanction Scanner Blog

What is FATCA (Foreign Account Tax Compliance Act)?

FATCA is a law that requires American citizens to report to the IRS the details of their financial accounts outside of the United States. The law aims to prevent the US taxpayers' natural and legal persons from avoiding US-based taxation over their incomes and assets and establish a transparent, traceable tax system. ...

What is Customer Due Diligence (CDD)?

Customer Due Diligence is a process which is collected information about the customer. The organization recognizes its customers and reduces the risks to which it will be exposed. The most important of these risks is money laundering and financing of terrorism...

What is KYC (Know Your Customer)?

KYC is the process that businesses do to verify customer's identities before doing business with their customers. KYC regulations help companies protect themselves against illegal financial transactions. Why is KYC important?...