According to money-laundering legislation all individuals and organisations involved in financial transactions must be unequivocally identified and legitimised at all times. Apart from the business partners directly involved, such as a primary or secondary applicant and guarantors, this affects all other partners connected with the transaction (sales personnel, financial beneficiaries, authorised signatories, persons with authorised control functions, etc.). Moreover, business enterprises have an interest of their own in avoiding risk-prone transactions as defined by their own corporate governance through acquiring a precise knowledge of the parties they are dealing with.
The afb Business Service ‘Advanced Risk & Compliance Management’ addresses this need, offering reliable external data sources with the current profiles of more than 650,000 persons and organisations and dedicated sanction, PEP and embargo lists. In addition, enterprises can integrate their own lists of any partners they wish. This means that risk-prone business partners can be identified quickly and reliably.