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Are Anti-Money Laundering procedures expensive? Try without…

Recently, a friend reminded me of Abraham Lincoln’s phrase: “If you find education is too expensive, try ignorance”. This wisdom could be applied to our KYC sphere, saying “If you find that Anti-Money Laundering procedures are expensive, try without”. Since the entry into force of the 4th European AML/CTF Directive in June 2017 and its…

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4th Directive: goodbye 2016, perspectives for 2017

Happy New Year to you from the entire IBAKUS® team as well as from myself. May 2017 (the year that will see the coming into force of the 4th Directive) bring you happiness and health! Hard work brings prosperity, and since you are not scared about work, everything will be for the best! I guess,…

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Enhanced customer due diligence and PEPs

After having discussed the simplified customer due diligence, I will take you to the other end of the scale: we’ll talk about enhanced customer due diligence and PEPs. Basically, what is a PEP ? We are talking about Politically Exposed Persons. This term generally refers to bearers of a political mandate. Article 3, 9° of…

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Anti-money laundering measures and simplified customer due diligence

When I am talking to an assembly of colleagues about the range of measures to be taken in the context of a Anti-Money Laundering / Combating the Financing of Terrorism (AML / CFT) policy, I am often confronted with suspicious bewilderment just until I am elaborating my reasoning and talking about simplified customer due diligence, which…

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Determine the customer’s source of funds

Among the topics covered at the recent European ACAMS conference in London, knowing how to determine the customer’s source of funds was considered as the most sensitive issue by the various speakers. A quick survey of the room revealed that 76% of the participants put this issue at the top of the list. Two different…

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Who is my client?

” Who is my client? “ This is a seemingly simple question which was the subject of a lot of discussions at the 12th ACAMS conference in London this Tuesday and Wednesday. “Who is my client?” Simple question? Not so simple, let’s look more closely! In SMEs , we often say that the customer is the…

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ACAMS 12th Annual Meeting in the shadow of the Big Ben

The great party of the AML, ACAMS 12th Annual Meeting closed its doors last night and calm fell on the QEII Centre in Westminster. We were nearly 200 participants looking for an empty spot to sit down and listen to a particular speaker (male and female!), crossing paths at the buffets and wringing our necks…

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Terrorists attacks: what is our responsibility?

Paris, 13 November 2015: 130 dead. Brussels, 22 March 2016: 32 dead. Not including the injured, of which many will suffer lifelong consequences. What is the responsibility of each of us concerning these attacks? The question is out there. First of all, there is the responsibility of the common people (the neighbours, family and friends,…

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The Transparency International list has been updated

Over the last few days, Transparency International has updated their Corruption Perception Index for 2015. Who is Transparency International? Transparency International was founded in 1993. TI is an international NGO that collects the most recent information concerning corruption in countries all over the world and highlights the poverty and inequality corruption leads to. A quest…

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The Domiciliation Law and its measures AML/CFT 

A quick reminder: a judgment by the Court of Appeal in Luxembourg on 16 December 2015 raised some very interesting questions regarding the Domiciliation Law. Among the questions brought up, there was one regarding the respect of the Law of 31st May 1999 on domiciliation. The judges went back to the parliamentary debates that preceded…

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