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  • Know Your Counterparty (KYC) requirements in Gard

  • About KYC in Gard and anti-money laundering regulations

  • Request for minimum information about Gard’s customers and other counterparties

  • Request for documentation for Bank Account Mismatch Exception

About KYC in Gard and anti-money laundering regulations

Gard, as a worldwide marine insurance provider, has Know Your Counterparty (KYC) procedures in place to ensure compliance with all applicable regulatory requirements, and as measures to avoid risk of being misused in relation to financial crime, such as money laundering and terrorist financing, sanctions, fraud and corruption.

Gard is continuously improving our KYC routines to ensure compliance with all applicable legal requirements, hereunder in particular (but not limited to) the requirements in the Norwegian Act relating to Combat Money Laundering and Terror Financing [Norwegian legislation] to the extent it applies to Gard.

Request for minimum information about Gard’s customers and other counterparties

Gard will always require to receive a minimum amount of information about our customers (members and clients) and other relevant counterparties. The required minimum information will depend on the type of counterparty but will for customers include official name, address and registration number, identifying the entity’s CEO, board members or any individuals in equivalent positions as well as understanding the entity’s ownership structure, including any Ultimate Beneficial Owner (UBO), and verifying the entity as active.

If this information is not to be found in official publicly available registry, we will ask you to:

Fill out the KYC questionnaire below to provide the required minimum information: DOWNLOAD QUESTIONNAIRE IN PDF

and provide a valid certificate of good standing or other relevant documentation issued by an official registry proving the entity being active in the registered country.

Request for documentation for Bank Account Mismatch Exception

As a main rule, Gard requires that every financial transaction we make is with the correct counterparty in the counterparty’s country of operations. This means that the counterparty’s name and country shall match the bank account’s beneficiary name and country.

If Gard is asked to process a transaction to another country than where the legal entity (Gard counterparty) is registered, this is in Gard considered to be a “Bank Account Mismatch”.

To consider a request for a Bank Account Mismatch exception, we will require some further necessary information and documentation from the counterparty, and which may, depending on the circumstances, include:

1. A legitimate explanation of why the bank account is situated in a different country than the counterparty’s operation.

2. A valid letter from the bank confirming as a minimum the relevant counterparty’s ownership of or authority to access the actual bank account.

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