When you use Linear’s contract template for assignment agreements and offers, the system automatically generates a Know Your Customer (KYC) form as an attachment. KYC is an abbreviation of Know Your Customer.
The customer due diligence details are related to the obligation to obtain information under the Finnish Anti-Money Laundering Act.
The KYC form is created for each customer based on the following information entered on the assignment agreement and the offer:
- The client's life situation – For example, whether the person is employed, self-employed, or retired.
- Basis for the business – What is the reason or purpose for the sale/rental?
- PEP – Whether the person is, or has been within the past year, a politically exposed person, a family member of a PEP, or a close associate.
- Beneficial owners (company customers only) – All individuals whose ownership share in the company is at least 25% must be entered as beneficial owners.
- Financing the purchase price (buyers only, at the offer stage) – How will the buyer’s own share of the purchase price be financed, and are any other parties participating in the financing?
The client (principal) or bidder signs the KYC form at the same time as they sign the actual assignment agreement or purchase offer. If wet signatures are used, the KYC form must also be printed, signed, and archived in the system.