Over the past decade we have seen a substantial increase in legislation specifying how legal entities such as banks, plus their branches, life insurers, payment service providers, electronic money institutions, foreign exchange institutions, trust offices, etc. (referred to in the Dutch Money Laundering and Terrorist Financing (Prevention) Act (WWFT)), combat financial crimes, including money laundering and terrorist financing.
Today, organisations across the world implement various measures against these crimes, but a compliance programme is the most effective option for your organisation. As experts in the compliance/anti-financial crime business, we have taken the liberty of listing the key components of an effective Know Your Customer (KYC)/Anti-Money laundering (AML) framework.