Impacted parties

The Money Laundering and Terrorist Financing (Prevention) Act defines under the term 'entity' to whom the Act applies. The term entity includes both natural and legal persons. The scope of the act and the amount of impacted parties - both entities and natural persons - is almost unlimited and the law counts many equivalents globally.

The Act applies to the following institutions with more specific obligations to report:

  • Accountants
  • Lawyers
  • Banks
  • Investment institutions
    • Investment firms
    • Life insurance brokers
    • Payment service agents
  • Payment service implementers acting for a payment service provider with a licence from another EU member state
  • Payment service providers
  • Natural or Legal persons that put their address at another’s disposal
  • Electronic money institutions
  • Traders / sellers of goods
  • Institutions for Collective Investment in Securities (ICBE)
  • Institutions, not being banks, that carry out banking activities
    • Civil-law notaries
    • Pawn shops
    • Casinos
    • Valuers
    • Trust offices
    • Safe custody services
    • Money-exchange institutions

Modern Risk Management and Regulatory Compliance require continuous and accurate monitoring of identities

Relian offers a variety of modules each tailored to the specific needs of Relian's customers.