The latest Newsletter: New law on prevention of money laundering and financing of terrorism
The main reasons for adoption of this new piece of legislation which will start to apply from 1 April 2018 are improvement of the existing system and harmonization with the international standards in this area. Below are some of the most significant novelties:
- Obligation of risk assessment
- Streamlined procedure for identifying and verifying identity
- Notification obligation
- Stricter penalties
To read this Newsletter please go here.