Anti-Money Laundering and Know Your Customer Compliance Services

While the advancement of technology made it possible for companies to conduct their activities worldwide and reach their customers in almost any location, it has also opened up new ways for money laundering and terrorist financing to take place. For this reason, both local and international supervisory authorities introduced a variety of rules, recommendations and regulations, aiming to fight the aforementioned illicit activities as well as many others, such as fraud or data theft.

Quite a lot of sectors of digital businesses are subject to Anti Money Laundering and Counter Terrorism Financing regulations, which means that these companies must have relevant systems and policies in place in order to comply with them.

One of the aspects, crucial in most AML-obliged entities’ activities, is performing KYC (Know Your Customer) procedures. KYC-obliged businesses, such as financial institutions and virtual currency service providers must take strict measures in order to identify their customers or ultimate beneficiaries of corporate customers and know exactly what activities the customer is engaged in and what is the purpose of procedures carried out using the services.

AML/KYC requirements differ depending on jurisdictions, business models and activity sectors. For example, a company might be obliged to identify every customer before starting to provide services to them, or the customer can be identified only after a certain turnover is reached.

Most AML/KYC compliance regulations require businesses to report suspicious transactions or transactions exceeding a particular threshold to the authorities. Failing to comply with AML/KYC requirements might lead to penalties, fines and even termination of relevant business licenses. On the other hand, extensive AML/KYC procedures might lead to a decreased number of customers, due to them being dissatisfied by the obligation to identify themselves, provide various documents and disclose information about their activities.

Nomad Law’s KYC and AML services include A to Z consulting on strategic anti-money laundering (AML), combating the financing of terrorism (CFT) and know your customer (KYC) processes, preparation of CTF and AML compliance policies and KYC procedures, representation in communication with the supervising authorities, monitoring of operations and AML, CFT, KYC as well as other related employee training.

In need of a KYC, CTF or AML consultation? Would like to find out what anti-money laundering, terrorist financing regulations and KYC requirements are applicable for your activities? Looking for someone to take care of the preparation of legal policies and other relevant documentation? Contact us, describe your business model and we will assist you on all AML, CTF and KYC-related matters.