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Regulation (EU) 2024/1624 of the European Parliament and of the Council of 31 May 2024 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (Text with EEA relevance) article 25 CELEX: 32024R1624 Identification of the purpose and intended nature of a business relationship or occasional transaction
Before entering into a business relationship or performing an occasional transaction, an obliged entity shall assure itself that it understands its purpose and intended nature. To that end, the obliged entity shall obtain, where necessary, information on: (a) the purpose and economic rationale of the occasional transaction or business relationship; (b) the estimated amount of the envisaged activities; (c) the source of funds; (d) the destination of funds; (e) the business activity or the occupation of the customer.
For the purposes of the first paragraph, point (a), of this Article, obliged entities covered by Article 74 shall collect information in order to determine whether the intended use of high value goods referred to in that Article is for commercial or non-commercial purposes. |