Trust and Corporate Service Providers (TCSPs) operate on the frontline of the battle against money laundering. Regulators have long regarded this to be a reality of the nature of the
work of TCSPs and as a result, have framed anti-money laundering (AML) and know your customer (KYC) legislation and regulation accordingly. The rulebook continues to evolve as global authorities seek to tighten the net on criminal activity. This has increased the pressure on TSCPs to put the right structures and processes in place, greatly adding to their compliance burden.
KYC and AML are powerful complements to each other and important elements for TCSPs looking to protect themselves against fraud and financial crime. Both involve verifying the identity and legitimacy of individuals and organisations through rigorous checks. In itself, that makes it harder for criminals to operate. In addition, AML checks help to uncover the money trail, understanding where money comes from and how it’s spent so that organisations can ensure it’s not laundered through them.
In this industry report, we examine:
Where TCSPs may be vulnerable to AML risk
The current regulatory environment in the UK, EU, and US
Screening for sanctions, ultimate beneficial owners (UBOs), and politically exposed persons (PEPs)
How to ensure compliance with AML and KYC regulations
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