On October 9, 2019, the Financial Supervisory Authority (Finansinspektionen) published proposed amendments to the regulations (FFFS 2017:11) on measures against money laundering and terrorist financing. The amendments form part of the implementation of the 5th Anti-Money Laundering Directive (5th AMLD), amending Directive (EU) 2015/849.
Among other things, the amendments propose changes to the requirement for identity verification of a “true principal” (natural person).
Amendments propose a series a steps to identify and verify a natural persons identity, as required by Article 13(1) of the 5th AMLD, which specifies steps for verification of identity of a natural person.
Request a Free Trial
As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.Take a Trial