To whom does the Anti-Money laundering Act apply?

This Act is intended for service providers such as:

  • credit institutions
  • financial institutions
  • life insurance companies
  • collective investment schemes
  • accountants
  • tax consultants
  • lawyers
  • civil-law notaries
  • estate agents
  • casinos
  • credit card companies

Identification

Clients wishing to use your financial services must prove their identity. You must check their identity details and record them for at least 5 years. Furthermore, you must also establish the ultimate beneficiary of the service you provide, for instance by verifying who the actual directors or shareholders of a company are. For this purpose, you make your own risk assessment, based on your client’s background and the type of service they are requesting. However, the Anti-Money Laundering Act does not stipulate the exact method of client verification. It only describes the results your investigation must show. You are free to choose how comprehensive your investigation will be.