Obligations for certain businesses.
WHAT IT RELATES TO
Requirements for designated non-financial businesses and professions.
WHO IS TYPICALLY COVERED
Dealers in high-value goods Real estate businesses Legal and accounting practitioners, in defined circumstances Trust and company service providers Others designated by regulation
WHY IT EXISTS
To detect and prevent money laundering and terrorist financing.
WHAT REGISTRATION INVOLVES
Registering with the designated supervisory unit.
WHAT OBLIGATIONS FOLLOW
Customer due diligence Record-keeping Reporting of suspicious transactions Reporting of transactions above thresholds Staff training Internal controls and a compliance officer
WHAT CUSTOMER DUE DILIGENCE MEANS
Verifying who your customer is, and understanding the purpose of the relationship.
WHAT ENHANCED DUE DILIGENCE APPLIES TO
Higher-risk customers and transactions.
WHAT TO KEEP
Identification records Transaction records Reports made
HOW LONG
Per the prescribed retention period.
WHAT TO ESTABLISH
Whether your business is designated.
WHY IT IS FREQUENTLY MISSED
Businesses assume it applies only to banks.
WHAT HAPPENS ON FAILURE
Penalties, and difficulties with banking relationships.
WHAT TO VERIFY
Current designations and thresholds.
WHAT TO ENGAGE
Advice, if you may be within scope.
