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Why is the source of the funds required to be verified, despite the fact that they come from a bank that has already verified the funds?
Each financial institution is required to operate its own AML system.
We are therefore obliged to carry out a check on the source of funds deposited with us for our own purposes as defined by the AML Act. Unfortunately, the principle of limited trust applies in this context.
Although each bank conducts its own AML processes and checks, this does not relieve other institutions of the obligation to conduct them on their own behalf.