Risk-based approach is at the heart of money laundering law. This means that businesses covered by the law must assess their own money laundering and terrorist financing risks. Risk assessment of the business is a vital part of the process. But how can this assessment be made more effective? Assently's Verified service provides comprehensive tools to know and identify the customer, making the process of verifying and storing customer data more efficient and faster.
The Prevention of Money Laundering and Terrorist Financing Act defines precisely who is a declarant for the purposes of the Act. This category includes a wide range of actors such as accountants, law firms, lawyers, auditors, estate agents, tax advisors and art dealers. All these operators must take measures to reduce the risk of money laundering and terrorist financing.
The Verified AML portal allows these operators to quickly and efficiently assess and document the money laundering risks in their own operations.
Under the Money Laundering Act, a beneficial owner must be identified for each company or entity. This person is usually someone who directly or indirectly holds more than 25% of the ownership or voting rights in the company. A beneficial owner is also a person who otherwise exercises effective control over the enterprise. If there is no beneficial owner of the enterprise, the beneficial owner is the board of directors or equivalent body, or the managing director of the enterprise.
The law requires each company to identify the beneficial owner. The Verified AML portal assists organisations in this process, streamlining the identification and identification of beneficiaries.
The new Money Laundering Act has brought with it a set of requirements that businesses must comply with. Verified’s AML portal provides an easy and efficient solution to comply with these requirements. With the Verified service, your business can be sure that it is in compliance with all applicable rules and regulations.
1. Make a risk assessment
The Money Laundering Act requires companies to proactively assess their risks. Businesses must identify and assess the risks of money laundering and terrorist financing in their own operations.
2.Know and recognise your customers
Businesses must be aware of their customers' identities, understand their customers' activities and keep this information.
3. Find out if you are subject to reporting requirements
The law defines precisely who is required to report. Reporting entities such as accountants, law firms, lawyers, auditors or real estate agents must take measures to reduce the risk of money laundering and terrorist financing.
4.Identify the beneficial owners
The law requires each company or entity to identify the beneficial owner. This is a person who directly or indirectly owns more than 25% of the shares or voting rights in the company or otherwise exercises effective control over the company.
The Verified service has been created to make life easier for AML practitioners. For those working in areas such as risk management, legal and audit, we provide comprehensive solutions and tools to help you comply with AML law. More than 3000 companies around the world rely on Verified solutions.
The Verified AML portal provides an efficient and automated solution for companies seeking to comply with KYC and AML requirements. The portal is specifically designed for banks, insurance companies, investment funds and other businesses.
The portal provides a number of support functions, such as eID, passport readers and ID card readers, to help streamline and speed up customer identification. The platform automates important processes such as necessary data checks and the completion of self-declaration forms, making KYC and AML compliance easy and hassle-free.
- Improve your customer experience.
- A streamlined customer process: less manual work and faster turnaround times.
- Keep your business secure: Assently and Verified solutions help ensure that your business complies with all KYC and AML regulations.
Read more and book a demo: https://verified.eu/en/aml/#clients
