Anti money laundering and Combat terrorism financing (AML/CTF)

Customer Due Diligence (CDD)

Get identity of customer, beneficial owner, and control structure.

Enhanced Due Diligence (EDD)

People who are considered high risk, such as PEPs (Politically Exposed Persons), should be subject to enhanced due diligence. This includes more frequent reviews and deeper investigations into their financial activities.

Politically Exposed Persons (PEP)

People who are exposed to high risk of money laundering due to their position in public office or government.

Foreign Account Tax Compliance Act (FATCA)

foreign institutes needs to tell IRS (U.S. Internal Revenue Service) if they hold money of US citizen

consequences

US citizen who hide foreign account statements over 50’000 dollar get fined with at least 10’000 dollars

Companies (Financial Institutions, FFIs) helping to hide money, might get excluded from US market and get fined by 30% of the account statement they hid.

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