Art. 25 Identification of the purpose and intended nature of a business relationship or occasional transaction | Anti-money laundering regulation (AMLR) | AML

Before entering into a business relationshipmeans a business, professional or commercial relationship connected with the professional activities of an obliged entity, which is set up between an obliged entity and a customer, including in the absence of a written contract and which is expected to have, at the time when the contact is established, or which subsequently acquires, an element of repetition or duration; 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:
1. the purpose and economic rationale of the occasional transaction or business relationshipmeans a business, professional or commercial relationship connected with the professional activities of an obliged entity, which is set up between an obliged entity and a customer, including in the absence of a written contract and which is expected to have, at the time when the contact is established, or which subsequently acquires, an element of repetition or duration;;
2. the estimated amount of the envisaged activities;
3. the source of fundsor ‘property’ means property as defined in Article 2, point (2), of Directive (EU) 2018/1673;;
4. the destination of fundsor ‘property’ means property as defined in Article 2, point (2), of Directive (EU) 2018/1673;;
5. 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.