- The buyer or seller clicks 'Create Escrow Transaction' and fills out the required entries. From there, the buyer has X days to send the required funds for the transaction. Once the funds are received, the seller is notified and will ship/send/release the product or service the buyer purchased and the 'inspection period' has begun. (When setting up the transaction, make sure to leave enough time for shipping as well.) When the buyer receives their product/service they will either click 'Release Funds' if they are happy with the purchase to send the funds to the seller or they can click 'Start Dispute' if there is a problem. If the buyer doesn't click either option the escrow will time out after the configured number of days and release the funds to them automatically.
- The buyer and seller will both provide testimony and evidence (pictures, tracking numbers, etc.) for their case. A panel of 3 judges will decide the outcome of the case which may be
- (a) refunding the funds to the buyer,
- (b) releasing the funds to the seller,
- (c) a 50/50 split, or
- (d) in the rare case a decision can't be reached, the funds will be released to a verified and registered charity of our choice and the transaction ID published on this website.
Know Your Customer (KYC) mandates that companies who are active within the financial services sector, must carry out due diligence on their clients to verify their identity and prevent identity theft, fraud, money laundering and terrorist financing. Royal Escrow compliance experts across the globe are always at hand to streamline your KYC journey. These specialists conduct an in-depth analysis of the corporate structure, so that you can know who you are working with.Governments all over the world have imposed stringent laws and regulations – such as Anti Money Laundering Directive 4 and Alternative investment Fund Managers Directive (AIFMD) - to ensure companies take a hard look at their business’ partnerships and clients.
Companies are expected to screen new clients according to a range of criteria and in accordance with regulations and sanction lists. Furthermore, once the check is done, the results have to be periodically reviewed in accordance with new lists and regulations.
Royal Escrow’s track record of success in delivering compliance services to businesses, and our truly global presence, allow us to manage KYC processes efficiently. We use the same system and tools to perform our own KYC checks and we have a straightforward fee structure which can easily be transferred to your end user when required.
- We offer a autonomous assessment on compliance with KYC obligations (AML, AIFMD, FATCA and CRS), and have built our own database solution to manage and maintain the process. Through our software, we provide clients with an easy to use, automated and safe way to stay compliant with KYC requirements.
- Customer identification, verification and due diligence / KYC requirements and screening. Clients provide us with KYC compliance documents via our online portal. We perform due diligence (identification, information collection, sanction list screening, UBO check and PEP check). Results are reported back to the client.
- Due diligence information is filed in our secure database for future inspection by clients or regulators (if required). We also facilitate the registration in accordance with local regulations, such as the EU law.
- Depending on the risk rating, we are able to perform periodical reviews of due diligence information, taking into account current regulations and the client’s requirements. Furthermore, we perform ‘event checks’ when events occur that could, or do, affect the risk assessment of your clients. This helps ensure the accuracy of KYC files at all times.
- In line with AML, AIFMD, FATCA and CRS, Royal Escrow has developed a service to prepare and transmit KYC reports on reportable accounts, related financial account information and personal information.
Royal Escrow Group’s KYC Compliance Services:
We assist clients in 4 special areas:
Registration and maintenance of identification / KYC and due diligence documents:
A periodical re-assessment and updates:
- These are existing customers who have large holdings on any cryptocurrency and have conducted a level of Anti Money Laundering (AML) and Know Your Customer (KYC) compliance with a representative.