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April 16, 2007
Customers: Corporate Asset or Corporate Liability
European financial services companies are risking their reputation and possible fiscal and custodial penalties by failing to recognise their exposure to potential criminal activity. As the deadline for implementation of the 3rd EU Money Laundering Directive fast approaches (15 December 2007) many money laundering reporting officers (MLROs) appear to be oblivious to the size of the problem they face.
The new directive further tightens the screw on financial services suppliers to know their customers. It requires them to take a 'risk-based' approach to screening their customers against prescribed sanctions lists and to also identify any client that is a politically exposed person (PEP). The legislation builds on existing efforts to prevent criminals access to the European Union’s financial systems.
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Copyright © 2007 Steve Tuck - All Rights Reserved
Posted by Steve Tuck at April 16, 2007 4:45 PM
