The challenges of KYC KYC (Know Your Customer) refers to the process by which financial institutions and payment services verify the identity of their customers and collect relevant information to reduce the risk of financial crime, such as money laundering and terrorist financing. While KYC is very important for ensuring the integrity of [...]
Reduction in regulatory burden for smaller organizations not expected Last week (May 17, 2023), the House of Representatives was briefed on the "status of the policy agenda to address money laundering. One of the agenda items is the "balance of obligations and burdens for small institutions. Previous research by EY, commissioned by the [...]
Only narrowly satisfactory for investment fund managers Investment fund managers recently received a narrow enough rating from the Financial Market Authority (AFM) for compliance with the Money Laundering and Terrorist Financing (Prevention) Act and the Sanctions Act. What points do managers now need to work on, according to the AFM, and what comments [...]
The Financial Markets Authority (AFM) recently concluded, following its own exploratory research, that there is still much work to be done when it comes to the reporting of the impact of climate change and energy transition by listed companies. The immediate reason for the study was the Corporate Sustainability Reporting Directive (CSRD), which will [...]
Three key challenges KYC/CDD process Getting a business account opened quickly or an investment account opened for a prospect is often out of the question. Especially when it involves aorganization that operates in an industry identified as susceptible to money laundering , terrorist financing and/or otherwise vulnerable to integrity risks, it may even [...]
Many regulatory changes expected again in 2023 It can hardly have escaped anyone's notice; the amount of directives and regulations that have poured over the financial sector in recent years. According to the Financial Times, there are now more than eighty of them, and that's not all! (FT, December 2021). If we take [...]
Demand for KYC/CDD remains high The demand for CDD/KYC analysts is still high and is expected to remain high in the coming years. People with a college degree who want to get started as KYC/CDD analysts and are not too old can count on warm interest from recruiters. With the checkmarks in the [...]
Financial institutions -and service providers, under the Financial Supervision Act and the Money Laundering and Terrorist Financing Prevention Act, monitor their customers' transactions. Unusual (proposed) transactions indicating money laundering, terrorist financing and/or fraud must be flagged and reported to the Financial Intelligence Unit. Failure to fulfill these obligations means that the regulator or prosecutor's [...]
From tick to spark; from compliant to socially conscious. The negative effects of money laundering do not affect the financial sector alone but all of us. Money laundering efforts in broader perspective posting and review. In recent years, under pressure from the regulator and media, billions have been invested by banks and [...]
It was Monday, Dec. 24, 2007, the day before Christmas, when Addition Knowledge House made its first registration with the Chamber of Commerce. Although the sun was not shining that day and the temperature hovered around zero degrees, Addition Knowledge House was founded by the then KASBANK NV and Addition Group BV. The objective [...]
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