While AML legislation requires firms to collect and assess client information before doing business, it doesn’t excuse you from complying with GDPR. AML law provides a legal basis for the obtaining and processing of this information, however, there are other responsibilities to consider. Here are the top three areas to watch out for: 1️. Secure…
There are many technology companies eager to sell software to manage AML, however, they are not all the same and their usefulness is highly dependent on your segment of the market. The requirements for a bank, online trading platform, or gambling site are vastly different to those of an accountancy or legal firm. Here’s what…
AML and GDPR Compliance: There can be a perceived conflict between the obligations under Anti Money Laundering (ALM) legislation/regulation and data protection regulation. We explain some of the most common data protection concerns and suggest solutions. Four Key Factors and Solutions: While collecting Valid Photo ID and Proof of Address for KYC These documents are…
In navigating the intricacies of Anti Money Laundering (AML), it’s crucial for entities like accountants and banks to rigorously manage information sharing and maintain meticulous records to avoid legal entanglements and ensure that their actions don’t inadvertently support a defence in court proceedings.
