Preverjanje poslovanja, sicer znano kot poznaj svoje podjetje (KJB), je bistven postopek, ki zagotavlja legitimnost in identiteto poslovnega subjekta. Uporablja se lahko v različnih sektorjih za skladnost s predpisi, na krovu več strank, zmanjšanje goljufij in izboljšanje zaupanja. Za številna podjetja je KJB obveznost v skladu s predpisi o preprečevanju pranja denarja (AML). Obveznosti AML […]
Following the suspension of public access to the Register of Beneficial Owners (RBE) imposed by the judgment dated 22nd November 2022 by the Court of Justice of the European Union (CJEU), the involved and responsible parties (the Luxembourg Business Registers (LBR), the Ministry of Justice and the State Information Technology Centre) have finally found a […]
The Luxembourg Ministry of Justice has announced the temporary suspension of the online consultation of the RBE (Register of Beneficial Owners – UBO – in french “Registre des Bénéficiaires Effectifs“) after just a few hours from the ruling of the Court of Justice of the European Union (CJEU) on the illegality of the register. The […]
In the Circular CSSF 20/742 – AML/FT the CSSF aims to draw the attention of professionals of the financial sector to the major changes that the two laws of March 25, 2020 bring to the system of fight against money laundering and terrorist financing (“AML/CFT”) applicable to the Luxembourg financial sector as provided for by the […]
Customer Due Diligence (CDD) has become an essential part of running a business today. The Internet is an indispensable tool for getting your name out in the world of commerce and customers may come from any corner of the world and never even meet you. This is why it is important to know who you […]
In today’s world, procedures relating to anti-money laundering have become part and parcel with correct and careful business practice. According to a study conducted by the United Nations Office on Drugs and Crime, it is estimated that, in 2009, proceeds generated by drug trafficking and organised crimes amounted to 3.6% of the global GDP, with […]
In simple terms, money laundering is the process in which criminals make dirty money appear to be clean. Criminals launder money for three reasons. First, money is the lifeblood of any organization which engages in criminal activity for financial gains. Money is required to maintain a good relationship with corrupt officials, a buy-out from situations […]
In recent years the growth within the blockchain / cryptocurrency industry has been phenomenal. Following the hike in the value of cryptocurrencies that happened in 2017 we have been seeing new blockchain businesses sprouting like mushrooms all over the globe. According to Forbes, the global blockchain market is anticipated to grow to over USD60 billion […]
8 tips for PEP dealings I am at a client meeting explaining how StartKYC can increase the efficiency of the customer due diligence process. I reach the PEP (Politically Exposed Person) topic and the client stops me midway to ask a question which seems to have been nagging him for a long time “Can I […]
Why is monitoring important? Simply put, it’s the Law. The Anti Money Laundering and Prevention of Funding of Terrorism Regulations require that subject persons monitor customers and involved parties against Politically Exposed Persons (PEPs) lists and sanctioned lists for potential political exposure and sanctioned status. When are we obliged to monitor? If it is an […]