The recent national and international regulations have accentuated the level of due diligence duties. The role of financial intermediaries has evolved, nolens volens, towards detecting criminal activities.
A Consequence of the increase of legal and regulatory requirements, the risk of ones reputation and the risk of administrative and legal sanctions have increased in a considerable manner.
Particularly, in Switzerland, after the introduction of the ordinance of the Federal Banks Commission in 2003, and the introduction in 2004 of criminal sanctions against legal entities, the financial organizations will be sanctioned if there is a lack in their internal organisation in the area of the battle against money laundering.
The COMPLIANCE LABEL DDD-KYC provides a methodology to generate an efficient internal organisation in order to comply with the regulations in the area of due diligence duty in the matters of money laundering and international terrorism. With international and national legal requirements of the label, are associated, the code of best practice in quality and a self-evaluation system, connected with adequate use of information technology.