Sanctions and AML Insights

Corporate screening in Anti-Money Laundering (AML) is the process of verifying the legitimacy of companies to ensure they are not involved in illegal activities such as money laundering, fraud, or terrorism financing. As part of broader Know Your Customer (KYC) and Customer Due Diligence (CDD) practices, it is essential for financial institutions, law firms, insurance companies, real estate firms, and other businesses that handle financial transactions to conduct thorough screening. For a comprehensive understanding, explore our detailed guide below.

Sanctions compliance is crucial for nonprofits, especially those operating internationally or in sensitive regions. It ensures financial transparency, minimises the risk of legal repercussions, and protects the organisation's reputation. To achieve this, nonprofits must establish a robust compliance program, including clear policies and procedures, internal controls, and regular training for staff. Key strategies include conducting thorough due diligence on partners and beneficiaries, utilising sanction screening tools, and staying updated on evolving regulations. By prioritising compliance, nonprofits can mitigate risks, maintain donor trust, and focus on their core mission.

Are you a forex broker looking to stay compliant with the latest anti-money laundering (AML) regulations? Our AML Best Practices for Forex Trading: Your Complete Resource is designed to provide you with essential guidance on protecting your business from financial crime and regulatory penalties.

Guernsey's Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) framework comprises stringent laws, regulations, and guidelines aimed at preventing financial crimes in its offshore financial sector. As a global financial hub, Guernsey faces risks from money laundering and terrorist financing, given its prominence in offshore banking and private wealth management. In this comprehensive guide, learn everything your business need to do to stay compliant.

Get on top of AML compliance for professional services in the UK with our comprehensive guide. Discover how a risk-based approach, along with key regulations like the Money Laundering Regulations 2017, can help your firm manage risk and avoid penalties.

The Philippines has implemented a robust Anti-Money Laundering (AML) framework to protect its financial system, driven by laws such as the Anti-Money Laundering Act of 2001 (AMLA) and the Terrorism Financing Prevention and Suppression Act of 2012 (TFPSA). Key institutions like the Anti-Money Laundering Council (AMLC) and the Bangko Sentral ng Pilipinas (BSP) work together with financial institutions to enforce strict customer due diligence, suspicious transaction reporting, and other monitoring measures. Despite challenges such as cybercrime and terrorist financing, the country continues to strengthen its AML practices through ongoing reforms and international cooperation to prevent illicit financial activities.

Sanctions compliance is a critical concern in the high-tech manufacturing industry, where companies routinely deal with international markets, complex supply chains, and cutting-edge technology that can be subject to export controls. The rise in global trade restrictions, particularly those aimed at controlling technology exports to countries under sanctions, places significant compliance obligations on high-tech manufacturers.

The use of shell companies to evade sanctions and launder money has become a pressing issue on a global scale. These seemingly legitimate businesses, devoid of real activity, are often the perfect disguise for illicit funds to slip through the financial system undetected. With an estimated $1.6 trillion laundered globally each year, understanding the mechanics of shell companies and their role in financial crime is more important than ever.

The Three Lines of Defense is an AML-CFT compliance framework that designates roles for frontline employees managing risks, a team overseeing compliance, and internal audit for oversight. This structure strengthens defenses against money laundering and the financing of terrorism. Read on to learn more in this informative article.