What is “Ongoing CDD”?
Ongoing Customer Due Diligence (OCDD) is a legally obligated perpetual KYC compliance procedure placed to ensure all financial institutions are informed of the up-to-date status of our merchants. As posed by 「ENFORCEMENT DECREE OF THE ACT ON REPORTING AND USING SPECIFIED FINANCIAL TRANSACTION INFORMATION」, Eximbay asks for all our merchants to participate the OCDD yearly basis.
Please note that temporary measurements such as remittance holding or accounts setting as dormant might be put in place in case of the following.
- A merchant refuses to submit the filled-out OCDD questionnaire
- A merchant refuses to provide documents of proof for beneficial ownership
- A merchant refuses to provide additional information for possible Eximbay’s request for Enhanced Due Diligence
- The result of OCDD shows a merchant or relevant person is matched to watch lists
1. General Information
The section ‘General Information’ is to collect and verify basic information of the CEO and the business. Please kindly fill in all requirements shown in the following parts.
- CEO information
- Business Info: All and Sole-Propretor
2. Beneficial Owner Information
Please simply fill in the Sole-Proprietor section.
Korean law defines ‘Beneficial Owner’ as ‘an individual who ultimately controls the business.’ Please provide the basic information a BO, if the CEO is different from an ultimate decision maker of the business.
3. Additional Information
- All: Specify the purpose of transactions placed via Eximbay’s payment platform, as well as the main source of funding for your business.
- Corporation · NPO/NGO: No need to be answered.
Form Filler Information (Mandatory)
- Please make sure the form is filled, signed and dated by CEO