What is AML and MLD
Anti-Money Laundering
Anti-Money Laundering
What is Anti-Money Laundering?
Money laundering is when criminals integrate their illegally-obtained cash into the financial system so it looks like it was earned legitimately. Anti-money laundering constitutes the laws, regulations, and procedures designed to prevent money laundering.
What is the MLD?
The MLD is a framework designed to strengthen the EU’s defences against money laundering and terrorist financing. It requires all regulated businesses to verify the identity of their clients, monitor transactions and report anything suspicious. The latest MLD stipulates that electronic verification is used whenever possible.
Who needs to comply with AML regulations?
Any businesses that could be vulnerable to money laundering need to comply with AML regulations mainly regulated Sectors
What happens if you don’t comply with AML?
Depending on your country, failure to comply with AML laws and regulations has severe consequences including but not limited to fines, sanctioning and, in the most serious cases, criminal prosecution.
How do you comply with the AML regulations?
You must carry out customer due diligence – including sanction and Politically Exposed Person (PEP) screening.
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