The Anti-Money Laundering Act (AMLA) obliges financial sector players to provide comprehensive transparency with regard to their clients’ business relationships and transactions. Since 2021, these requirements apply in full to registered investment companies.
BaFin has reiterated this in a publication dated 01.06.2023.
One of the warnings is that many registered KAGs are still lagging behind in the implementation of KYC and AML processes. For this reason, BaFin has announced an increase in special audits and “supervisory visits” in the future. If serious breaches of the AMLA are repeatedly found, the consequences can be severe, including the dismissal of the management.
To avoid this, registered capital management companies should now urgently consider an efficient, automated KYC and AML solution – such as the cleverKYC service from cleversoft.
If you have any questions about KYC, AML and our automated solutions, feel free to contact us.