Sanction Scanner Global AML Guide answers specific questions asked about Anti-Money Laundering in a country-specific manner.
“All of our AML Guides are purely for informative purposes and do not constitute any legal document, Sanction Scanner is not responsible for any official action based on this guide.”
Global AML Guide
Understanding Money Laundering
Money laundering is a serious problem for all countries. According to the data announced by the United Nations, 800 billion - 2 trillion dollars worth of money, laundering is committed every year in the world. As Sanction Scanner, we believe that to reduce these crimes, we believe that everyone in countries should understand the seriousness of money laundering crime. Therefore, we aimed to prepare an understandable guide by answering specific questions about money laundering as a basis.
Explore Countries' AML Regulations
There are many regulatory institutions, both global and local, and these institutions' main goal is to detect and prevent financial crimes such as money laundering. These regulators regulate and supervise sectors at financial risks, such as money laundering. Member states are obliged to comply with the regulations of the authorities, such as the FATF European Union, and the regulators punish those who fail to comply with their obligations.
Explore Countries' AML obligations
There are certain obligations under the laws of global or local regulators. Institutions at risk of money laundering have to comply with these obligations. Some of these obligations are taking some precautions to understand the customer and identify its risks, such as Know Your Customer, Customer Due Diligence, keeping the information collected about the customer within the specified period, reporting suspicious transactions, etc.
Understanding Countries' AML Fines
When we look at the total AML fines in recent years, we see that the total amount of penalties has increased. Especially financial institutions are exposed to severe penalties due to their flaws in their compliance processes. While in 2018, AML penalties were about $4 billion, in 2019, these penalties amounted to about $8 billion. In addition, when we look at the first half of 2020, we see that the AML penalties given are close to $6 billion.