The relevance of AML extends beyond financial institutions to include a wide array of entities that might be exploited for money laundering purposes, including legal firms, real estate agencies, and luxury goods dealers, among others. These organisations are obligated to adopt stringent AML controls t...
CDD is essential for these institutions to protect themselves from financial crime, ensure compliance with regulations, and maintain customer trust. Real Estate Agencies: Real estate transactions are often used to launder large sums of money. Therefore, real estate agents must conduct thorough CDD on...
This requires the real estate industry, firm, or agents to do more background checks on potential clients (KYC) while remaining AML compliant throughout the process. 7. Gaming Sector The government has started paying attention to the gaming industry over the past few years. FinCEN talked about...
Certain customers may be added over time to sanctions and other AML watchlists, warranting checks for regulatory risks and compliance issues on an ongoing basis.6 According to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), the four core requirements of CDD in the United ...
The traditional forms of laundering money are smurfing, using mules, and opening shell corporations. Other methods include buying and selling commodities, investing in various assets like real estate, gambling, and counterfeiting. The rise of digital technology also makes it easier to launder money el...
Besides the financial sector, certain other businesses are also subject to regulations and, therefore, need to implement AML client onboarding. These can include: Casinos Estate and lettings agents Accountancy firms High-value dealers The challenges of AML customer onboarding AML customer onboa...
and laundromats. The large amounts of cash can be broken up into smaller amounts that are then each deposited directly into a bank account, or else they purchase a succession of monetary instruments (money orders, cashier’s checks, and so on) and then deposit them into accounts at various...
Automated KYC/AML checks: our approach Here are a few of our clients operating in the crowdfunding domain who needed automated solutions to fulfil AML/CDD checks in their compliance practice. CapitalRise It’s an online middleman in the real estate investment world raising funds for institutional-...
AML checks There is also the possibility to check the extracted identity againstAnti Money Laundering checklists or AML checksto verify that the person who is performing the registration or digital verification process is not involved in fraudulent activities such as: ...
Know your customer, KYC compliance and requirements – everything you need to know about KYC checks and the importance of customer due diligence to your business.