The UK ranks at the top regarding fintech adoption. Not only that but also the idea of RegTech and Open Banking originated here, making the UK and its businesses the key players when it comes to technological advancements. Consequently, the evolution of the regulatory landscape led the UK to have strict compliance regulations. In this article, we’ll review different industries and their KYC requirements.
EU anti-money laundering directives (AMLDs) require obliged entities — financial institutions and companies that handle transactions in EU member states — to conduct due diligence checks, including identity verification and transaction monitoring, when forming new business relationships. Learn more.
Since 2002, more than 38 institutions in USA have reached settlements or pled guilty due to non-compliance with AML regulatory requirements and paid substantial fines in settlements.
AML Guidelines in the European Union. What Should Financial Companies Know When Applying Business Verification?
Over the past decade, the EU has been considering how to combat the potential illicit flows through banks and other financial institutions. It’s clear that stricter financial processes call for a more robust action plan from all financial players. This time, we’ll review the EU and its standards by providing all the necessary guidelines.