Industry - Business
Global business practises
The semiconductor industry is truly a global market place and for many new companies in the sector there is a minefield of knowledge required in building associates and relationships in foreign markets. Jackson Wood, corporate business manager of MSR eCustoms, takes a look at what to be wary of when building a global presence and asks how well do you know your customers?
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marketplace grows, it is critical to ensure your business partners are not subject to restrictions. While opportunities abound, some companies practice due diligence and others just go ahead and hope things fall into place smoothly. Although it may sound simple, a major element of diligence is to Know Your Customer
D
oing business in a global economy can be a challenge. As the
(KYC). Commonly referred to by bank regulation and financial institutions, KYC is the due diligence that they and other regulated companies must perform to identify clients and gather pertinent business information. It usually takes the form of an internal policy used to conform to a customer identification program mandated by the Bank Secrecy Act (BSA) and the USA PATRIOT Act.
www.euroasiasemiconductor.com Issue V 2011
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