PEP Checks and Sanction Screening | Know Your Customer | Tech Verification

Anti-money laundering & counter terrorism funding

PwC estimate that as much as 5% of global GDP is generated through illegal activity – approximately $1-2 trillion annually. This then needs to be ‘laundered’ to get the money to flow through into the legitimate economy.

A significant share of this goes towards funding terrorism, further fueling fear and insecurity. Anti-money-laundering (AML) regulations exist in the majority of countries, particularly those committed to adopting the standards set by the international Financial Action Task Force (FATF).

 

The recommendations from the Financial Action Task Force (FATF) are seen as best practice, and approval from FATF is a rubber stamp of approval to a country’s AML regulations.

FATF carry out ongoing Mutual Assessments and recommend changes to improve AML practices on a global basis. The challenge for a regulated business is how to keep up with this changing landscape and stay compliant without having to constantly re-engineer its customer and employee processes.