When using Linear's contract template for assignment agreements and offers, the system automatically generates an Know Your Customer (KYC) form as an attachment. KYC stands for Know Your Customer.
The customer due diligence information relates to the obligation to perform due diligence in accordance with the Anti-Money Laundering Act.
The KYC form is generated based on the following information filled out for the assignment agreement and offer, specific to each customer:
- Customer's life situation - Whether the person is, for example, an employee, entrepreneur, or retiree.
- Reasons for the transaction - What is the reason or purpose of the sale/rental?
- PEP - Whether the person has been politically influential, a family member of a PEP, or a business partner in the past year or currently.
- Ultimate Beneficial Owners (corporate clients only) - All individuals with an ownership stake of at least 25% in the company must be recorded as beneficiaries.
- Purchase price financing (buyers only during the offer stage) - How the buyer's portion of the purchase price is financed and whether other parties are involved in the financing.
The assignor or bidder signs the KYC form at the same time as they sign the actual assignment or purchase offer. If a handwritten signature is applied, the KYC form must also be printed, signed, and archived in the system.