Regulatory Alerts2018-06-21
Added · Updated
Customer Due Diligence on foundations with respect to terrorist financing
Financial institutions must perform customer due diligence on foundations pursuant to Section 3(1) and (2) of the Anti-Money Laundering and Anti-Terrorist Financing Act to identify customers and ultimate beneficial owners. Institutions are required to collect and regularly update specific information, including the foundation's name, registration details, address, control structure, and documentary evidence of board member identity. This data must be used to conduct a risk assessment and integrate the findings into the institution's systematic integrity risk analysis, with heightened monitoring measures applied for higher-risk profiles.