In the Act on Preventing Money Laundering, companies offering financial service include operators which practice finance leasing, credit provision, foreign exchange services, debt collection services or guarantees. The law concerns companies offering investment services when they provide financing, advice on corporate restructuring, foreign exchange services, recommendations relating to transactions in financial instruments, services relating to underwriting of emissions or storing, or provide safekeeping and administration of financial instruments for the account of customers (Act on Investment Services (747/2012) Chapter 2, Section 3, subsection 1, paragraphs 1–8)
KYC obligations and continuous sanctions list monitoring
When business activities are directly related to cash flow and money transfers, the requirements of the Act on Preventing Money Laundering are emphasised. It is particularly important to ensure that customers and their representatives and beneficial owners have been appropriately identified and to check that the people in question are not on asset freezing or sanctions lists. Changes to asset freezing and sanctions lists must be regularly monitored throughout the duration of the customer relationship. The DOKS® interfaces to Finnish, EU, UN and US sanctions lists and the continuous automated sanctions list monitoring are an excellent tool for attending to the inspection and monitoring obligations required by law.
Concrete added value through time saving
DOKS saves time and resources when you open a new customer account as well as later on, when maintaining a customer relationship.
The service helps ensure that the requirements of the Act on Preventing Money Laundering are appropriately fulfilled throughout the customer relationship. The service takes into account the critical data security requirements, and it includes many features which make the work of finance and investment operators more efficient (e.g., electronic signatures, secure emails and an overall uniform system with which the attendance to the obligations of the Act on Preventing Money Laundering are easy to verify and demonstrate to the supervising authority).