Anti-Money Laundering Requirements in [Country/Currency]
3.2 Types of Payments and Money Transmission Activities Subject to Anti-Money Laundering Requirements
Pursuant to Art. 9 SPG, persons subject to DDOs (Designated Domestic Organizations) shall conduct timely risk-adequate monitoring of their business relationships, including transactions processed during the business relationship.
Key Responsibilities:
- Conduct timely risk-adequate monitoring of business relationships and transactions
- Ensure consistency between business relationship history and transactions with customer knowledge
- Be alert to changes in customer behavior or deviations from typical patterns
3.3 Customer Due Diligence Requirements
Yes, pursuant to Art. 8 SPG, persons subject to DDOs must establish a business profile that includes at least the following information:
Business Profile Components:
- Identification data of the contracting party
- Beneficial owner(s)
- Recipient of distributions from legal entities established on a discretionary basis and beneficiary of life assurance policies and other insurances with investment-related objectives
3.4 Ongoing Monitoring of Customers and Transactions
Yes, pursuant to Art. 9 SPG, persons subject to DDOs shall conduct timely risk-adequate monitoring of their business relationships, including transactions processed during the business relationship.
Key Responsibilities:
- Conduct timely risk-adequate monitoring of business relationships and transactions
- Ensure consistency between business relationship history and transactions with customer knowledge
3.5 Reporting Suspicious Transactions
Yes, pursuant to Art. 11 SPG, persons subject to DDOs must report any circumstances that give rise to suspicion that any assets are connected to money laundering, predicate offences of money laundering, organized crime or terror financing to the FIU (Financial Intelligence Unit) within a short period of time.
3.6 Maintaining Records and Providing Information
Yes, pursuant to Art. 14 SPG, persons subject to DDOs must maintain at their premises business records that are necessary for the purpose of implementing these provisions. They shall also provide such documents as requested by the FIU or other supervisory bodies.
3.7 Exemptions from Anti-Money Laundering Requirements
Yes, pursuant to Art. 4 SPG, certain activities are exempted from the scope of application of these provisions.