Regulatory Alerts2017-01-23
Added · Updated
Regulation on Due Diligence for Fiduciary Accounts
The Financial Market Authority issued this regulation to establish simplified due diligence measures for specific fiduciary accounts held by attorneys, notaries, and real estate managers. It permits credit institutions to omit identity verification of ultimate beneficiaries for omnibus, inheritance, guardianship, and insolvency accounts, while allowing land register excerpts for owner identification in real estate community accounts. These exemptions apply only if the institutions maintain sufficient transaction monitoring and do not apply when specific information indicates a higher risk of money laundering or terrorist financing.
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