Global Telephony Company is one of the most thoroughly due diligenced entities in commercial history, and applies some of the world’s most vigorous KYC and AML processes
ST PETER PORT, Guernsey and NEW YORK, Sept. 28, 2021 (GLOBE NEWSWIRE) — To provide access to its facilities at the same rates and terms worldwide, Global Telephony Provider, Webtel.mobi (“WM”), had to incorporate its business in what is known as a “Third Country” jurisdiction.
A “Third Country” is a country not part of any political or economic union or agreement between countries. Companies operating from Third Country jurisdictions are able to provide their services worldwide, at the same rates and terms, without having to open subsidiaries in other countries.
There are less than 10 Third Country jurisdictions; one of which is Guernsey in the Channel Islands. WM chose to headquarter in Guernsey due to its highly regarded status as one of the most secure, stable and regulatorily robust jurisdictions internationally, as well as its high level of infrastructure and professional services.
Various companies in Guernsey – including WM – are obligated to have their activities supervised by a “Resident Agent” firm at all times. This supervisory role is to closely monitor all activities of a company on behalf of the Guernsey Regulatory authorities, to ensure permanent compliance with all Regulatory and legal requirements. WM’s activities are, therefore, permanently monitored by the nominated personnel of the Resident Agent firm responsible for it.
During WM’s nine years of worldwide operational testing of its Platform 1, the company underwent over 30 due diligence exercises. These included due diligences by Merchant Banks (including the world’s independent Investment Bank), multiple large banks, multiple firms of attorneys, specialist global consultancies, two of the world’s premier Regulatory Agencies, one of the world’s premier Stock Exchanges, and multiple other leading and qualified independent entities worldwide. These due diligences were conducted in multiple countries, over five continents.
WM is one of the most thoroughly due diligenced companies in corporate history, and this high level of scrutiny was specifically accepted and welcomed by WM. The reason for that was and is due to the strategic size and volumes of the markets the WM System would become involved in – and with WM having potentially sector-influencing advantages in each of them. It was therefore part of WM’s strategy to ensure that all legal, regulatory, technical, administrative, logistical, and other aspects were robustly checked and re-verified by credible and qualified external entities, prior to WM commencing unrestricted global operations.
Consequently, although WM’s highly qualified internal personnel signed off on all aspects of WM themselves, no internal sign-offs were ever accepted by WM until multiple qualified and unimpeachable third party entities had also reviewed and signed off on the same aspects.
Since WM’s completion of the rebuild of its Platform 2 – and despite Platform 2 conforming with all legal and regulatory requirements as confirmed by Platform 1 operations and due diligences – WM again agreed to the due diligence of the company and its Platform 2 by a large banking group, a global consultancy, and the Resident Agent in Guernsey.
This was in accordance with WM’s policy that regular and continuous external scrutiny is a Best Practice policy, and that close co-operation between companies and Regulatory Agencies results in a safer and more secure commercial environment for all parties – including for WM and its Members.
Moreover, other than the detailed scrutiny of its own its own legal and regulatory situation and profile, WM also applies a unique and world-leading system of Anti Money Laundering (AML) and Know your Client (KYC) procedures in respect of its Members.
To utilize some of WM’s services and facilities – and despite WM providing a Members-Only Closed-Loop service and not a public service – WM Members need to:
- Upload KYC Documents certified by an attorney or notary (according to specific guidelines).
- Have the Certifying Attorney or Notary Re-verify the Certified documents once they have been uploaded.
- The Certified and Re-verified KYC documentation is then checked by WM personnel for completeness.
- The Certified and Re-verified KYC documentation is then checked by the Resident Agent against Sanctions Lists and other lists of prohibited Persons or Entities issued by international agencies.
- WM’s Artificial Intelligence Complex System additionally constantly checks the Re-verifications carried out by Attorneys and Notaries to monitor for any anomaly in respect of physical distance between Certifier and the person or entity being certified, the frequency and numbers of persons or entities being certified by an Attorney or Notary, and other anomalies.
- There are additional KYC and especially AML procedures applied and carried out within – and by – the WM System that are not made publicly available, in order to maintain process security and confidentiality.
The in-house KYC and AML process of WM has been described as one of – if not the – most comprehensive KYC and AML systems in the world.
Consequently, in respect of its own compliance and the compliance procedures applied by it, WM is one of the most robustly compliant companies in operation today.
Notes: WM has recently released a video of an interview on the regulatory environment in Guernsey and WM’s regulation, provided by its supervising Resident Agent in Guernsey. This video of the interview is available for public review, and a url to the video of the interview is provided in the Resources section of this release.
Resources:
Media Contact:
Nick Lambert: wm@thoburns.com
Video Interview:
The Guernsey Regulatory Regime and WM’s Regulatory Compliance
https://youtu.be/u522lVsGIJI
Video Interview:
The Capacities and Reach of the WM System and TUV Digital Currency
https://youtu.be/XYBrCikUhn8
Research Reports:
The Capacities and Reach of the WM System and TUV Digital Currency
https://tinyurl.com/
Characteristics of WM’s TUV Digital Currency:
https://tinyurl.com/TUVdata
WM’s urls:
https://webtel.mobi/pc (Tablets / Laptops / Desktops)
https://webtel.mobi (Smart Phones)
https://webtel.mobi/wap (Pre-Smart Mobile Phones)