One of the most important issues within the Trust Offices Supervision Act 2018 (Wtt) and the Anti-Money Laundering and Anti-Terrorist Financing Act 2018 (Wwft) is the ‘Customer Due Diligence’ (CDD) and the ‘Know Your Client’ principle (KYC). Your office needs to know who it is doing business with and for what purpose the business relation is used. You should therefore have sufficient information regarding the ultimate beneficial owner as well as the object company, the structure of the company and your office should know for which purpose the structure has been set up. Additionally you also need to make a risk assessment of the client and decide if that risk assessment fits your offices’ risk appetite.
Largely because of these issues, the client acceptance process is an important but time-consuming process. Raemonda is our tool that assists your company to be in control of these processes and up-to-date with the relevant laws and regulations in an efficient and reliable way. In addition, Raemonda reminds you of tasks which you have to perform, such as a file review.