• DE
  • FR
  • EN
Phone +49 (0) 6171 - 95 598 0
CURENTIS Banking - Consulting and Innovative Digitalization
  • Start
  • Consulting
    • Overview
    • Regulatory Reporting
    • Anti-Financial Crime
    • Sustainable Banking
    • Project Services
    • Information Security
    • AFC Factory
  • Products
    • Overview
    • Docu-CHECK
    • YourSupplyCHECK
    • YourKYCplus
    • YourBauFiplus
    • YourDORACHECK
  • Regions
    • Germany
    • Luxembourg
    • Switzerland
  • Training
    • Overview
    • Anti-Financial Crime
    • Regulatory Reporting
    • Sustainable Banking
    • CURENTIS Seminars
  • Career
  • About us
    • Management
    • Sustainability
    • Partner
    • Locations
    • Code of values
  • News
    • News
    • Publications
  • Search
  • Menu Menu

Client's Senior Manager or Beneficial Owners of FIFA

Anti-Financial Crime

The ultimate goal of KYC due diligence is to find out the beneficial owners of a company or organization to prevent money laundering activities. The most used method of beneficial owners' determination is based on the percentage of ownership in the capital of an entity, i.e., at least 25% (in high-risk cases 10%) of capital rights or voting rights in ownership. Important to mention, under the legislation of particular countries, beneficiaries may be defined as persons who were not originally defined as ultimate owners of an entity. AML rules of these countries are allowing to define a fictive ultimate beneficial owner in exceptional situations, when no other person can be indicated as the real UBO following the exhaustion of all criteria for determining such beneficiaries. This category may include a company's executive directors and board members as is the case with a sporting organization as FIFA. In the case of FIFA, the presidents have to be regarded as fictive ultimate beneficial owners.

 

In this and the next three articles, we take a look at the last presidents of FIFA:

 

  1. Joao Havelange 1974-1998,
  2. Sepp Blatter, who served until 2015
  3. Issa Hayatou, who took over the post for one year from 2015 till 2016.
  4. Giovanni Infantino since 2016.

 

 

In early 1974, Joao Havelange became the new president of FIFA. Many articles were published on the development of FIFA in the early 1970s and how Mr. Havelange won the presidential campaign. Two decisive factors helped him to get the post; Horst Dassler (founder of Adidas) and his appealing strategy to smaller nations' football representatives accompanied with envelopes of cash to secure their votes. As it shows, buying the votes of other FIFA members was not the first invention of Sepp Blatter, he just inherited the Havelange's practices. However, the scale of corruption under the leadership of Havelange came to light at the end of the 1990s. He was accused of taking bribes for the sale of broadcasting rights for the world championship to ISL (International Sport and Leisure marketing agency), which has already ceased to exist. According to the Swiss Court, Mr. Havelange and Mr. Teixeira (who was Brazilian sports chief and executive member of FIFA, also son-in-law) were paid in total $41 million in bribes. A funny story happened when the ISL agency by mistake transferred $1.5 million aimed at Mr. Havelange to FIFA's bank account, which was later transferred to Havelange's account. Havelange's era could be described as rapid transformation of the organization from a small amateur club of football-loving European friends into a global business. The organization recruited top marketing and financial experts, 10x increased its staff, built a new modern office and organized new competitions as The World Youth and Junior Championships, the Confederations Cup and the Women's World Cup. The number of participants in the World Cup finals also increased, first to 24 and then to 32. Neglection of the human rights in hosting country also goes back to early 70s, when in 1978 the World Cup took place in Argentina, where two years before the championship the military dictatorship came to the power. While all the world watched the championship, the dictatorship regime was ruthlessly kidnapping and torturing critics.

 

 

According to AML policy, Mr. Havelange and executive members of FIFA had to be defined as Beneficial Owners and classified as PEPs, since they were not only governing the FIFA organization but also representing certain countries via confederations.

 

#AML #KYC #Compliance #Regulatory #Source of Funds #FIFA #Qatar #WorldCup #Luxembourg #Germany #Switzerland

#Curentis AG

December 5, 2022
Share entry
  • Share on Facebook
  • Share on X
  • Share on LinkedIn
  • Share by email
https://curentis.com/wp-content/uploads/2022/12/FIFA_Erde.jpg 1056 1920 julian.schlosser@curentis.com /wp-content/uploads/2022/02/logo-2-2-1.png julian.schlosser@curentis.com2022-12-05 09:43:252022-12-05 09:43:25Client's Senior Manager or Beneficial Owners of FIFA

Categories

  • General
  • Anti-Financial Crime
  • Project Services
  • Regulatory
  • Sustainable Banking

Archives

  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021

Contact us

Do you have any questions about our activities or would you like to contact us?

Then write to us or give us a call. We will be happy to advise you extensively and find a solution tailored to your requirements.

CURENTIS AG

Experience meets innovation

Frankfurter Landstraße 62a
61440 Oberursel (Taunus)
T: +49 (0) 6171 - 95 598 0

info@curentis.com

    Please enter the code below: captcha

    © Copyright - CURENTIS Banking - Consulting and Innovative Digitalization
    • Contact
    • Imprint
    • Privacy
    Weaknesses of FIFA's Organization StructureCURENTIS AFC Web Seminar Series 2023
    Scroll up

      Request Whitepaper

      Please select desired whitepaper:

      Please enter the code below: captcha

        Request Whitepaper

        Please select desired whitepaper:

        Please enter the code below: captcha