Previously, firms only had to take reasonable measures to do so. Phelps Laundry Card Hack Full Names Ofįurthermore, there is a new explicit requirement to determine the constitution and full names of the board of directors and the senior persons of a body corporate when the beneficial owner cannot be identified. The following conditions must all be met in order to apply the exemption. Regulation 38 lowers the thresholds at which e-money firms must conduct due diligence to EUR 150 prior to processing a payment, down from EUR 250, meaning e-money firms will now have to conduct due diligence on a higher number of users of electronic money. Once again, CDD will have to be completed prior to the transaction taking place. This includes all transactions exceeding EUR 10,000, not just cash transactions. ![]() These firms will have to register with the Financial Conduct Authority (FCA) during 2020. ![]() These CDD measures must be completed before the point at which a business relationship is established (or before carrying out an occasional transaction worth over EUR 10,000). ![]() This means firms will have to fulfil CDD obligations, assess money laundering and terrorist financing risks, and report suspicious activities.
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