Financial monitoring and information about beneficiaries: risks of financial transactions being suspended
Financial monitoring and information about beneficiaries: risks of financial transactions being suspended
In today's competitive environment, compliance with financial monitoring requirements by legal entities has become not only a legal requirement, but also a matter of business continuity. For many companies, financial monitoring is limited to the ‘Know Your Customer’ procedure when opening a corporate bank account, while for others, financial monitoring can lead to the suspension of financial transactions. In this article, we will look at how financial monitoring works, in which cases business financial transactions may be suspended, and whether companies are required by law to disclose information about ultimate beneficial owners.
More in the article by EVERLEGAL lawyer for the LIGA ZAKON at the following link.
In focus:
- Financial monitoring in brief
- Who is the ultimate beneficial owner?
- The obligation vs. the right of businesses to disclose information about beneficiaries during financial monitoring
- Are there risks of financial transactions being suspended if information about beneficiaries is not disclosed?
- Risks of financial transactions being suspended: advice from lawyers.
Our expert: Anna Nosenko, Associate at EVERLEGAL.
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