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Anti-money laundering (AML) is a set of rules, laws and regulations designed to stop the profits from illegal actions. The AML rules set out requirements for organizations that provide financial services. This is necessary for the purpose of guaranteeing that the organization is not involved in money laundering schemes. It turns out that the legal responsibility falls on the organization and not on the state authorities or individuals involved in the offenses.

The AML rules and regulations are mainly focused on such illegal practices as: market manipulation, sale of illegal items, corruption, embezzlement of funds, tax avoidance, etc.

The AML rules and regulations have become generally accepted since the creation of the Financial Action Task Force (FATF) in 1989 that established the world standards in the fight against money laundering. The main objective of the FATF is to support and promote stable and sustainable financial market.

In order to create an effective anti-money laundering system, the interaction between the following authorities is absolutely necessary:

  • Legislative bodies;
  • Executive authorities or ministries;
  • Judicial authorities;
  • Law enforcement agencies, including police department, customs, etc.;
  • Financial intelligence units;
  • Central bank;

In addition effective and close interaction between private banks and financial organizations is a must as well.

IQ Decision UK attorneys will provide you with legal advisory services related to:

  • AML risk management;
  • Internal systems and control;
  • AML related audit services;
  • AML compliance officer conformity assessment with local legal requirements.

What is KYC and how it is different from AML

“Know Your Customer” is the term of banking and stock exchange regulation for financial institutions and betting offices, as well as other companies working with private money, meaning that they must identify and establish the identity of the counterparty before conducting a financial transaction.

This requirement applies to obtaining reasonably complete information about counterparties-legal entities, the nature of their business and individual business transactions. This practice is believed to prevent money laundering, terrorist financing and tax evasion.

Currently, the requirements and standards aimed at the implementation of this principle are set at the level of national legislation, regulatory documents of banking regulators and international organizations such as the FATF.

The consistent implementation of the “Know Your Customer” principle has led to a gradual ban on the maintenance of anonymous bank accounts.

IQ Decision UK lawyers will help you to run your business in accordance with the KYC policies established by the national competent authorities and financial regulators to ensure the security of your business.