Recital 9

Supervisors should ensure that, with regard to currency exchange offices, cheque cashing offices, trust or company service providers, and gambling service providers, as well as financial mixed activity holding companies, the persons who effectively manage the business of such entities and the beneficial owners of such entities are of good repute and act with honesty and integrity and possess the knowledge and expertise necessary to carry out their functions. The criteria for determining whether a person complies with those requirements should, as a minimum, reflect the need to protect such entities from being misused by their managers or beneficial owners for criminal purposes. In order to foster a common approach to the verification by supervisors that the management and beneficial owners of obliged entities satisfy those requirements, AMLA should issue guidelines on the criteria to assess good repute, honesty and integrity and the criteria to assess knowledge and expertise.