The FATF recommendations & the 4th European Directive (2015/849) oblige a large number of companies to comply with precise rules on anti-money laundering and the fight against terrorism.
The main activities (art. 2 of Directive 2015/849) are the following (art. 2 of Directive 2015/849):
- credit & financial institutions,
- external auditors, accountants & chartered accountants, tax advisers,
- notaries, lawyers and all independent persons acting in the field of law and involved in the financial or real estate transactions of their clients, whether they are traditional companies, trusts or trusts,
- persons dealing in goods worth more than €10,000 paid in cash (this amount may be significantly reduced under national legislation),
- gambling or gambling service providers.
While large entities such as banks have been targeted and have been applying this legislation for many years, the same cannot be said for small entities that do not have the necessary human and financial resources.
1stKYC is a response to this obligation. Our goal is to enable small and medium sized businesses to comply with the legal provisions at a reasonable cost.
1stKYC: your virtual “Compliance Officer”!