In order to begin the compliance process, you need to be aware of the AML/CFT requirements.
There are three options available to you.
The first option, as head of your establishment, is to apply all anti-money laundering regulations yourself. In this case, you'll need to ensure :
Legal training, which includes reading and applying the Monetary and Financial Code, legislation relating to the Fifth Directive, Customs guidelines and TRACFIN reports, i.e. over 6,600 pages of text.
Application in the field, i.e. the implementation of internal processes, such as risk mapping and the creation of a risk analysis process. These analyses cover objects, customers and transactions, and should enable the detection of risky operations. The ultimate goal is to put in place the right reaction in case of need: the declaration of suspicions.
The second option is to use an external service provider, such as a specialized lawyer or compliance expert. In this case, AML/CFT training will be reduced, as you will be delegating a large part of the compliance process. All you have to do is learn the ins and outs of anti-money laundering, apply the processes proposed by the professional, and report your suspicions to TRACFIN.
The last option is ours. By adopting the Eunomart solution, you will have access to the expertise of an LCB-FT and art market lawyer at an affordable price. In fact, Eunomart automates vigilance procedures, and offers you educational content throughout your use of the tool. A real team is ready to support you in your compliance process and its daily application.
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