According to the Money Laundering Act, it is an obligation to check the legitimation and identity of all persons and organisations involved in a business transaction. In addition to the primary partners, e.g. a first or second applicant or guarantor, this also applies to any other partners (vendors, economic beneficiaries, authorized signatories, control owners etc.) connected with the business transaction. In terms of corporate governance, the company’s own ethical standards also require that risky transactions should be avoided by possessing detailed knowledge of the persons involved. In order to achieve these goals, companies use external data sources, which contain dedicated sanction, PEP and embargo lists. In addition, own lists with various partners may also be maintained.
The afb Fast Integration Business Service 'Advanced Risk & Compliance Management' allows you to identify high-risk business partners based on detailed, up-to-date profiles of more than 650,000 listed persons and organisations.