Regulatory Alerts2022-11-24
Added · Updated
Customer due diligence requirements for payment initiation services (service 7)
Payment initiation service providers (PISPs) must perform customer due diligence under the Anti-Money Laundering and Anti-Terrorist Financing Act to prevent misuse for money laundering and terrorist financing. Simplified due diligence is the standard approach, requiring identification and verification using at least two independent and reliable sources, such as bank API data or Trade Register extracts. PISPs must also establish the purpose of the business relationship, verify customer representatives, identify ultimate beneficial owners, and conduct politically exposed person reviews based on risk factors.