Who do firms have to do AML KYC on?
Part Two: Who do firms have to do AML KYC on?
Section 5: Identifying the customer and verifying the customer’s identity.
Section 6: A beneficial owner
(a) A body corporate.
(b) Any individual who owns or controls more than 25% of the share or voting rights in the body.
(c) Exercises control over the management of the body.
A beneficial owner can be a person, a trust, or a body corporate.
As such, a fully compliant AML solution needs to enable users to verify business and organisation details such as company name, address and company registration number and to then verify the details of the directors of that business or organisation.
Read Part Three of the AML Compliance Guide
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192’s Anti Money Laundering Solution:
To meet this aspect of the AML Regulations we have built both the Dun & Bradstreet and Market Location databases into our AML solution to ensure that we have an exhaustive business universe as part of “documents, data or information” used to conduct AML KYC checks.
