There was a time when asset managers could afford to take a more relaxed view of money laundering risk than colleagues in other areas of the financial services sector.
That time is over.
The rapid growth of the asset management industry, the increasing sophistication of financial criminals, combined with tighter rules on money laundering, mean that asset managers are increasingly at risk.
KYC and AML are powerful complements to each other and important elements for Asset Managers 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 asset managers 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 regulations
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