In order to prevent money laundering and terrorist financing, the financial market money laundering legislation, which entered into force on 1 January 2017, obliges the economy to carefully examine its business partners.
First and foremost, credit institutions, life insurers, securities companies and investment funds are affected. Numerous other companies or industries must, on the basis of due diligence, check if there is a suspicion. The KSV1870 responds to this with a high-quality service – the ComplianceCheck.
Specifically, the KSV1870 raises the question whether its Austrian business partners are politically exposed persons (PEPs), such as heads of state or government, ministers, higher officials of the state government, embassy or consulate employees, Businesses (SANs). “For a large number of companies, an in-house audit would have meant an enormous additional effort, which the KSV1870 can cushion through the compliance check,” says Roland Führer, MAS MBA, Managing Director of KSV1870 Information GmbH. By mid-March, the new service will be free of charge in all credit reports on companies and private individuals.
Due to due diligence, insurance brokers, auditors, external accountants or tax consultants, notaries, lawyers or real estate brokers, for example, must also examine their business partners in case of suspicion. Just like entrepreneurs who receive payments in the amount of more than EUR 15,000, – in cash. In the Glückspielbranche are transfers from EUR 2,000, – affected. “In principle, whoever administers money, invests it or uses it in any form is subject to the obligation to report, if there is a concrete suspicion,” says Führer.
The KSV1870 has launched the “ComplianceCheck”, a product of its own, for those who want to shed more light on their business partners. It provides information about the beneficial owner or ownership structure, provides information about the functionality, and the results of the PEP and SAN testing.
All details KSV1870 ComplianceCheck under https://www.ksv.at/compliancecheck
This new service has emerged from a cooperation between KSV1870 Information GmbH and Dow Jones. Both ComplianceCheck products use high-quality risk data from Dow Jones Risk & Compliance. The Dow Jones data are enriched with a variety of secondary identification features. As a result, Dow Jones ensures that as complete profiles as possible are delivered, minimizing the number of false hits.
Source: KSV 1870 Press Release