GATHERING OF EVIDENCE IN MATTER OF MONEY LAUNDERING AND TERRORISM FINANCING

The Financial Action Task Force recommends including on the list of obliged entities of a large range of financial institutions and non-financial businesses and professions in order to cover all the sectors vulnerable to be used for money laundering and terrorism financing purposes. The reporting entities, as main information providers, have to comply with the obligations as follows: applying customer identification and due diligence; setting up the risk categories of customer, business relationship or transaction; respecting the record keeping requirements; reporting suspicious transactions or unusual transactions in relation to ML/TF; reporting cash transactions or others, over a set up threshold; respecting internal procedures, controls, compliance and audit in place.