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Strengthening Anti-Money Laundering Measures: New Regulations for Signatories
In a bid to strengthen anti-money laundering measures, authorities have introduced new regulations requiring signatories representing legal persons to provide certificates and business profiles.
Signatory’s Certificate and Business Profile
According to Article 5 of the Signature Act, signatories must represent their legal persons by signing qualified certificate or separate qualified attribute certificate. Additionally, the certificate must not be older than 12 months.
The business profile, as outlined in Article 20, contains essential information about the contracting party and beneficial owner, including:
- Authorized agents
- Bodies acting in dealings with persons subject to due diligence
- Economic background and origin of assets deposited
- Profession and business activity of the effective depositor of assets
- Intended use of assets
Risk-Adequate Monitoring of Business Relationships
Article 21 emphasizes the importance of risk-adequate monitoring of business relationships using computerized systems, where possible. This includes identifying business relationships with: + Politically exposed persons If such a system is not used, an alternative appropriate risk management system must be employed.
Clarifications and Special Clarifications
Simple clarifications, as outlined in Article 22, aim to assess the plausibility of circumstances or transactions that deviate from the business profile. In contrast, special clarifications are designed to dispel or corroborate any suspicions arising during due diligence investigations.
Enhanced Due Diligence Obligations and Global Monitoring
Article 23 outlines criteria for business relationships and transactions involving higher risks, including: + Information on the contracting party’s and beneficial owner’s nationality + Business activity + Products or services requested + Level of assets deposited Additional measures may include: + Verifying identities + Clarifying asset origins + Understanding intended uses
Risk Countries and Transactions
Article 23a identifies countries whose anti-money laundering measures do not meet international standards (risk countries). Transactions with contracting parties or beneficial owners from these countries will be subject to more intensive monitoring, regardless of transaction value. A higher transaction threshold applies for certain risk countries, and additional risk factors may also trigger enhanced monitoring.
Delegation of Due Diligence Obligations
Article 24 allows persons subject to due diligence to delegate their obligations to third parties under specific conditions. This delegation must be documented and maintained.
By implementing these measures, authorities aim to improve transparency and prevent financial crimes. Compliance with these regulations is essential for businesses operating in the region.