Anti-Money Laundering

The new regulations will have an impact on a range of businesses:

All regulated business
Any business that deals in financial information: and
Firms that might be expected to be involved in cash deals worth more than €15,000 in a single transaction

This means that the new legislation will now affect a broader range of organisations, including:

Credit Institutions	Financial Institutions
Auditors	Insolvency Practitioners
External Accountants & Tax Advisers	Independent Legal Professionals
Trust & Company Service Providers	Estate Agents
High Value Dealers where a cash transaction may exceed €15,000	Casinos

All businesses within the categories are obligated from sole practitioners to PLC’s.

Businesses should utilise online systems, using ‘credible third party sources’ and where possible, to check source documents. Specifically:

Identifying the customer and verifying the customer on the basis of documents, data or information obtained from a reliable and independent source;
Identifying, where applicable, the beneficial owner and taking risk based and adequate measures to verify his identity so that the firm is satisfied that it knows who the beneficial owners are;
Obtaining information on the purpose and intended nature of the business relationship; and
Conducting ongoing monitoring, on a risk sensitive basis, of the business relationship.

Our Anti-Money Laundering Report, available online, will verify your client identity in a single report.

Decide with confidence today. For more information on D&B’s Compliance Solutions, call 01628 492713 or email.