Anti-money laundering (AML) checks are one of the customer due diligence measures required by regulated businesses to comply with the anti-money laundering regulations and prevent financial crime. AML checks can range from basic “know your customer” (KYC) verification to real-time screening, which are designed to identify customers and assess their associated risk.
AML checks are a safeguard to help prevent businesses from becoming directly or indirectly caught up in criminal activity. As to companies that fail their check, the consequences for them are rather difficult and hit different areas, as we already mentioned earlier.
As to Europe – The Commission’s services work closely with the European Supervisory Authorities in the implementation of the AML/CFT rules. The joint committee of the European Supervisory Authorities on AML/CFT issues guidelines and opinions to help national competent authorities to understand the regulatory expectations.
– we are offered to take a closer look at EU context of AML and countering the financing of terrorism.