Who’s responsible for AML and KYC?
We both are. For the avoidance of doubt, you will have to carry out initial KYC, AML, PEP and sanctions screening of end clients who use your service.
That said, as the authorised provider of platform services, responsible for arranging and safeguarding assets, Seccl also holds regulatory accountability for AML.
For this reason, we’ll need to conduct due diligence on your policies and procedures (and reserve the right of ongoing audit), as well as provide ongoing PEP/sanctions screening and suspicious activity reporting (which you will be able to monitor from within the Professional UI).
More like this
- Are there additional responsibilities that come with operating a platform?
- How are platform and adviser fees deducted and paid?
- Who is the ISA manager – you or us?
- Do I still need to undertake platform suitability?
- Can other firms pay to use the platform we operate through Seccl?
- Do you provide template policies that we can use?