We are pleased to announce that we have added Botswana, Ghana, Myanmar, Trinidad and Tobago to the network of our registries through which our customers can perform compliant, real-time entity verification.
In accordance with the 4th Anti-Money Laundering Directive, the European Commission is mandated to identify high-risk third countries that have strategic deficiencies in their regime on anti-money laundering and counter terrorist financing.
There are 20 countries on the list, 12 of which were added in May 2020 as a result of delegated regulation.
“The aim of this list is to protect the EU financial system by better preventing money laundering and terrorist financing risks. As a result of the listing, banks and other entities covered by EU anti-money laundering rules will be required to apply increased checks (due diligence) on financial operations involving customers and financial institutions from these high-risk third countries to better identify any suspicious money flows.”
By integrating the registries of the four noted jurisdictions, Kyckr’s network now has access to 13 of the EU high-risk third countries’ registries, giving regulated firms efficient access to entity verification information in jurisdictions where they are expected to apply enhanced due diligence measures.
Kyckr will also shortly extend its Company Watch functionality to include the new jurisdictions, enabling customers to perform ongoing monitoring of entities in high risk areas and facilitating ongoing compliance.