In February 2013, the European Commission adopted two proposals: the Fourth AML Directive and a complementary regulation on what information must accompany fund transfers to ensure traceability. The European Parliament’s and European Council’s so-called “draft directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing”…
Financial institutions are faced with the challenge of aligning their existing Know Your Customer (KYC) due diligence processes to meet FATCA requirements. This article outlines the background and international discussions regarding tax evasion and the ongoing debate to curtail it, and seeks to touch upon the impact it will have in dealing with should be: high-risk clients in regions, which are considered high risk for tax evasion.
Corporations and institutions can attain a strategic and competitive advantage by pursuing an integrated approach to integrity due diligence. By assessing the trustworthiness and reliability of customers, business partners and any third parties, organisations ensure the fulfilment of compliance requirements, whilst concurrently facilitating a concerted effort to combat money laundering, fraud and corruption (‘MLFC’) –…
