An AML mechanism allowing obliged entities to rely on CDD performed by another regulated entity, while retaining ultimate liability.
Third-Party Reliance allows obliged entities to rely on CDD performed by another regulated entity. The relying entity retains full CDD liability.
AMLR Article 49 introduces a 5 working day production deadline for CDD documentation, with a 4-hour emergency access requirement.
An organization legally required to implement anti-money laundering controls, including customer due diligence and suspicious transaction reporting.
Know Your Customer (KYC) and Customer Due Diligence (CDD) are regulatory requirements for financial institutions to verify customer identities and assess risk.
