Criminals love luxury goods, but their purchases of high-end products aren’t necessarily about flaunting their wealth. Rather, it’s often to facilitate further wrongdoing – the laundering of the proceeds of the original crime.
As a result, regulators are now cracking down on Luxury Goods businesses that fall short on anti-money laundering (AML) and countering the financing of terrorism (CFT) standards.
KYC and AML are powerful complements to each other and important elements for High Value Goods companies 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 High Value Goods businesses face AML risks
- The current UK regulatory environment
- The international perspective
- Screening for sanctions, ultimate beneficial owners (UBOs), and politically exposed persons (PEPs)
- How to ensure compliance with AML
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