Which Businesses need Anti - Money Laundering Compliance Program?
Banks, money transfer companies, cryptocurrency exchanges, e-wallets, payment companies, credit companies, insurance companies, gambling operators, and many other businesses are required to ensure Anti- Money Laundering Compliance Program. Companies should know compliance meaning and take measures accordingly. All these businesses’ efforts to ensure compliance with the regulations they have to comply with constitute the AML compliance program of these businesses. Companies that fail to comply with and fail obligations regarding compliance are subject to large fines. In 2019, organizations that did not meet AML compliance were fined $8 billion. These heavy penalties show that businesses should pay extra attention to compliance work and create a perfectly functioning anti-money laundering compliance program.
Although AML regulations differ from country to country, they are all the same: Preventing financial crimes. This article will explain how to create a perfect Anti-Money Laundering compliance program based on FATF recommendations, European Union regulations, and compliance meaning.