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Legislation on money laundering

Legislation on money laundering

Legislation requires financial institutions and companies to check whether their customers are politically exposed persons (PEP), or if they are on the sanction lists of money laundering and terrorism. A PEP is considered to, through position and influence, hold a position which constitutes a risk of being taken advantage of for bribery and other crimes. It is essentially about those who have or have had an important public function, such as cabinet members or heads of government. It also includes people who hold managerial positions in international organizations.

It is not forbidden to do business with PEP nor with their relatives or close associates (RCA), but the law requires that companies are aware of which customers are PEP. Sanction lists include listings from the EU and the UN that contain names of people who are sanctioned because of involvement in or links to terrorism. It is not allowed to do business with said persons.

Dun & Bradstreet's solutions ensure that you always do business with relevant decision-making data, and streamline the process for you to follow the rules that apply. By selecting the right customers and being aware of potential liabilities related to the business relationship, you will create conditions to achieve adequate due diligence.

Through Bisnode's cooperation with Dun & Bradstreet, we can offer solutions that simplify international compliance processes. You get access to an online tool that in one place gives you solid information about your customers and suppliers. To make your decision support even more complete, and to make it clearer to you with whom you do business, we also produce overviews of corporate group structures for companies you do business with. This enables you to make sure that there are no irregularities in the network around the partner, thereby ensuring greater security and control in relation to current regulations.

 

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Bisnode's solutions mean you can integrate screening for PEP and hits on sanctions lists in your own customer directory. Your customers are then identified based on these parameters in connection with, for example, client onboarding, at the same time as their creditworthiness is checked. This way screening becomes a natural part of the registration of new customers but can also be used for daily inspection of the existing customer portfolio. Thanks to screening based on real-time updates, you can ensure that your customer information is always updated and relevant.