Know your customer (KYC) and Anti-Money Laundering (AML) screenings are essential for any firm to remain compliant with international regulations and avoid costly penalties. Regulated businesses are required to run sanctions lists and PEP data screenings on a regular basis, and this can become complicated and expensive. Selecting the right vendor and solution for your screening needs is critical as this has substantial impact on your business.

Complying with AML regulations is essential for all regulated businesses – this includes those in the gaming and gambling industry. This guide will review the significance of the gaming and gambling industry, what AML regulations apply, and best practices for implementing an anti-money laundering framework.

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.

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.

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!