The European Union’s AML directives aim to protect financial systems from money laundering and terrorist financing. Although each member state can design a unique framework to support these directives, they serve as common goals for each of them. Failing to comply with these legal procedures can also lead to punitive actions like fines and penalties.
Business Partner screenings, which include PEP and Sanctions Lists screenings, involve personal data and hence GDPR data privacy regulations must be taken into consideration.
Learn in our short video what the implications are and how it affects your screening process.
Regulated entities are required to conduct business partner screenings to remain compliant with Anti-Money Laundering (AML) and Counter Terrorist Financing (CFT) regulations. These screenings, which include PEP and Sanctions Lists screenings, involve personal data and hence GDPR data privacy regulations must be taken into consideration.
Let’s dive into GDPR and how it affects business partner screenings.
PEP screening is an important aspect of Anti-Money Laundering and Know Your Customer (KYC) regulation. It involves validating a customer’s identity to determine if they are a PEP – a politically exposed person. While companies are of course not not prohibited from working with somebody on a PEP list, there are additional due diligence measures that are required. See what are the Best Practices in our short video below.
PEP screening is an important aspect of Anti-Money Laundering and Know Your Customer (KYC) regulation. It involves validating a customer’s identity to determine if they are a PEP – a politically exposed person. While companies are of course not not prohibited from working with somebody on a PEP list, there are additional due diligence measures that are required.
The EU Directives are legislative acts that establish common goals for all EU member states. Each country has the flexibility to determine its own framework to meet these directives, so long as they are met. Although these are legally non-binding, failure to comply can lead to fines and other punitive actions. Get an overview of what you need to know about the EU’s 5th Anti-Money Laundering Directive in our short video.
The EU Directives are legislative acts that establish common goals for all EU member states. Each country has the flexibility to determine its own framework to meet these directives, so long as they are met. Although these are legally non-binding, failure to comply can lead to fines and other punitive actions.
Let’s dive into everything you need to know about the EU’s 5th Anti-Money Laundering Directive!
Sanctions lists and PEP (Politically Exposed Persons) lists screenings are required as part of Anti-Money Laundering (AML), Counter Terrorist Financing (CTF) and Know Your Customer (KYC) compliance.
Get a quick overview about the risk for non-compliance with AML regulations in our video.
When starting a company the last thing on your mind is the legal side of it as the first priority is mostly product development and customer service. The ‘legal stuff’ will be taken care of later… and later means usually ‘once we find someone who enjoys doing this’ which is some really ‘fuzzy’ point in time in the future.
After focusing on building our version 1.0 of sanctions.io we soon learned that our customers need more than just a functioning product. ‘Enterprise Readyness’ was our next challenge.
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