Anti Money Laundering

Anti Money Laundering (AML) and Know Your Customer (KYC)

In both local markets and the wider global economy anti-money laundering legislation has been and continues to evolve. Rates of financial crime have been on the increase worldwide for decades, and as such, governments and legislators instigated an ongoing programme to stamp out criminal activity putting the onus on you, the business owner.

AML compliance is a regulatory requirement that applies to banks, building societies and credit unions.  They also apply to other business’s undertaking certain financial activities.  The purpose of AML rules to help detect and report suspicious activity including offences to money laundering and terrorist financings, such as securities fraud and market manipulation.

KYC can be defined as the process of verifying a customer’s identity.  Each client is required to provide credentials such as ID documents in order to use a company’s service.  Every organisation should verify who their clients and employees are before they engage in a business relationship.  KYC should be performed regardless if AML regulations exist or apply.

Ignore these measures at your peril.

Acting in good faith is no defence against a charge under AML legislation, with substantial penalties for failure and non-compliance, including imprisonment and unlimited fines. It is your duty to put in place sufficient AML policies and procedures which evidence and demonstrate compliance. 

Customer due diligence (CDD) and enhanced due diligence (EDD) present particular problems in the current climate with an increasing number of persons and countries being brought under the sanction’s listings.  You need to establish the identity of each and every client (KYC), how they derived their source of wealth and their source of funds, delivering documentary evidence to demonstrate compliance with the regulations.  

Sirius Financials provide AML and KYC compliance guidance and services to help protect you and your business from the criminal activity of fraudsters, including comprehensive review of your AML policies and procedures, client file reviews, client onboarding procedures and staff training.

Let Sirius Financials be your partner to help guide you through the burdensome area of AML, and to provide you with peace of mind.