What do you have to do to fulfill? The concrete obligations: client identification, file and maintenance
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Episode 03 Series LFPIORPI
Once you know that LFPIORPI and from what amount, the following question is: what should you do in practice? That episode goes through concrete operational obligations.
To identify a client does not mean to ask an identification. It means to check that that identification is true and valid, that the individual corresponds to the document and that the result of that verification is documented so that it can be shown to an authority. They are different steps that most companies treat as one.
The three lists you should check Before closing an operation they are different sources and serve different purposes: list of PEP (People politically exposed) identify those who have or have held relevant public office the list of SAT identifies contributors with nonexistent operations and international sanctions (OFAC) identify persons or entities with restrictions by washing, terrorism or corruption. Cross-crossing only one of the three is insufficient.
The obligation to retain the file for 10 years with demonstrable integrity That's a central part of what the authority checks with an audit.
What you'll learn in this episode
- 1What information to get from each client and how to check
- 2What are the three lists you have to consult: PEP, SAT and international sanctions lists
- 3What documents integrate the complete file under LFPIORPI
- 4How long you have to keep your file and what it means to preserve with integrity
Download complete series guide
All that explain the 5 episodes in a quick reference PDF. Take them to your computer, use them at a compliance meeting, have them at your best.
Do you want to see how JAAK Do you implement this into your operation?
Agenda a demo and figure out how JAAK builds the digital file that requires LFPIORPI - from the first operation.
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