Changes to Anti-Money Laundering Measures: AWDC
Changes
to Anti-Money Laundering Measures: AWDC
Recently AWDC said, “We would like to inform you about new and important changes in the anti-money laundering measures regarding the identification of Belgian diamond trading clients. These changes are crucial for your company's compliance and anti-money laundering policy.”
Until now, it was sufficient to verify
the identity of Belgian Diamond Company clients on the website Registered diamond companies and
keep a record by taking a screenshot or print of the webpage. This procedure
has now been changed.
In the future, it will be mandatory to
verify the identity of Belgian diamond company clients in the registers of the
Crossroad Bank of Enterprises (CBE or KBO in Dutch) and the Ultimate Beneficial
Owners (UBO) Register at FPS Finance.
While the website of registered diamond
companies of Belgium can still be consulted, it is no longer a mandatory part
of your KYC process for Belgian diamond companies. Instead, print or take a
screenshot from the Crossroad Bank of Enterprises (CBE/KBO) that details
company information on your client, including official registration as a
diamond company and the names of directors.
The CBE/KBO register is publicly
available and can be accessed online in English, French, and Dutch.
Additionally, download a PDF from the Belgian UBO register that details the
names of the ultimate beneficial owners of your client’s company.
Eligible entities can access the UBO
register via My Min Fin using the identity card or the Its me app of the director
of a diamond company. Only obliged entities (companies subject to anti-money
laundering legislation) have access to the complete UBO register. Therefore,
you will need to access the database via the identity card or Its me app of your
company's director. More information on how to give/obtain a proxy to a third
party to access the UBO register is available on the aforementioned website.
Due to these changes, new versions of
the AWDC client letter, the AML FAQ, and the AML policy template are available.
We encourage you to download these from AWDC’s website. We understand that
these changes will require adjustments to your procedures. Note that it is
important to update the KYC files (with the CBE/UBO data) for all
active/ongoing business relationships.
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