Regulatory Alerts2022-11-24
Added · Updated
Due diligence requirements for account information services (service 8)
Account information service providers (AISPs) must perform customer due diligence (CDD) under the Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft) to prevent money laundering and terrorist financing. Simplified CDD is the standard approach, requiring identification, verification, and risk profiling of customers and their representatives using available data with explicit consent. Specific obligations include verifying identities via single reliable sources, identifying ultimate beneficial owners, and conducting politically exposed person (PEP) reviews based on risk factors.