In July 2022 the Financial Intelligence Analysis Unit (the
‘FIAU') issued a guidance note to provide further
guidance on obtaining source of wealth information related to
parties other than the customer.
In this guidance note, the ‘other parties' include
the following:
- Body corporates undertaking commercial activities;
- Trusts and foundations;
- Associations; and
- Individuals.
Throughout this write-up we shall be delving into each one and
highlighting the most pertinent points, as explained by the FIAU.
As per the Prevention of Money Laundering and Funding of
Terrorism Regulations (‘PMLFTR'), subject persons
are obliged to obtain information and/or documentation about the
nature and extent of the customer's business, financial or
commercial activities. Ensuring to be compliant with the mandatory
obligation becomes slightly more complex when the customer is not
an individual but rather a body corporate or a legal arrangement.
Thus, this guidance
