AML-CFT The fight againstmoney launderingand terrorist financing. With the constant evolution of regulations, this has become a major concern for companies, which are subject to heavy fines in the event of non-compliance, and can engage the criminal liability of company directors.
- Before entering into a business relationship: obligation to identify the " Beneficial Owner"; even for an occasional customer, and to screen the lists of Global/Regional Sanctions, Assets Freeze, Politically Exposed Person, RCA Relatives and Close Associates, Unfavorable Media, identification of countries and currencies under embargo...
- Throughout the business relationship: the third-party repository must be constantly updated, and any change in information (such as an IBAN change, company closure or merger, PEP, RCA exposure, etc.) must lead to a new verification by the teams in charge, so daily screening is a must.
- At the end of the business relationship: once the Ultimate Beneficiary's account has been closed, all related documents and information must be archived for a period of 5 years.