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Law & Commerce is a reporting institution under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613). Law & Commerce also abides by its own Code of Practice, Code of Practice of the Association of Labuan Trust Companies as well as internationally accepted good practice in anti-money laundering and counter-terrorist financing. Law & Commerce places utmost importance on compliance and will only proceed with client’s engagement when due diligent is satisfactory.

Law & Commerce is obligated by the laws to only enter into business relationship when due diligent has been conducted. There are two types of due diligent exercises namely;

1. Basic Customer Due Diligent (BCDD)
2. Enhanced Due Diligent (EDD)

 

Enhanced Due DD must be conducted before entering into business relationship with customers coming from High Risk Countries. If you are national from a listed High Risk Country, you are advised to consult our Compliance Officer to understand our Enhanced Due Diligent requirements.

For Basis Customer Due Diligent (Non-High Risk Countries) before entering into a business relationship with any client we require that at least the following are information;

1. True identity of the ultimate beneficial owner,
2. That we are not dealing with an agent but rather the principal,
3. The residential address of the true beneficial owners,
4. The stated nature of business the description of which enables us to understand the nature and extend of the business to be conducted.

 

The provision of the above however does not bar us from implementing enhanced due diligent measure if we are no entirely convinced with the identity, nature of business, address or all any combination of them. If enhanced due diligent is applied, you will be required to produce at least two professional or bank reference from whom we will write and find out about you, your previous experience, dealing, etc.