Recital 100

(100) The provision of personalised asset management services to individuals with a high level of wealth might expose credit institutions, financial institutions and trust or company service providers to specific risks including those arising from the complex and often personalised nature of such services. It is therefore necessary to specify a set of enhanced due diligence measures that should be applied, as a minimum, where such business relationships are deemed to pose a high risk of money laundering, its predicate offences or terrorist financing. The determination that a customer holds assets with a value of at least EUR 50 000 000, or the equivalent in national or foreign currency, takes into account financial and investable assets including cash and cash equivalents, whether held as deposits or in savings products, as well as investments such as stocks, bonds and mutual funds, even when they are held under long-term agreements with that obliged entity. Furthermore, the value of the customer’s real estate assets, excluding his or her private residence, should be taken into account. For the purposes of making that determination, credit institutions, financial institutions and trust or company service providers need not carry out or request a precise calculation of the customer’s total wealth. Rather, such entities should take measures to establish whether a customer holds assets with a value of at least EUR 50 000 000, or the equivalent in national or foreign currency, in financial, investable or real estate assets.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04 · Text as adopted (Official Journal); later amendments are not incorporated in this text.