What is Know Your Customer (KYC) and how does it affect your business?
Know Your Customer (KYC) describes a set of measures implemented by businesses that are designed to identify customers and report criminals.
We all know that the internet never forgets. Once something is posted online, it remains there forever. But what happens when you google your name and outdated, embarrassing news appears in the search results? This is what happened to Mario Costeja Gonzalez, who subsequently sued and took his case all the way to the European Union’s Court of Justice.
Money laundering has been around pretty much since money was invented. While governments and international agencies have strived to do more and more to prevent it from happening, there have been some unbelievable cases over the years. It is estimated that approximately $2 trillion is laundered every year, but we wanted to highlight some of the biggest cases of all time.
New legislation designed to fight international money laundering is being passed almost every year. As a business owner you might be getting overwhelmed by the constant flow of new acts imposing sweeping AML requirements.
The European Parliament regularly passes Directives, which are forms of legislation “directed” at the 28 member states. They typically focus on results, allowing each country to define the best path to success for their jurisdiction.
Sanction screenings have become an integral part of anti-money laundering (AML), know your customer (KYC) and counter-terrorist financing (CTF). They are designed to protect businesses from high-risk customers, helping to ensure the integrity of the global financial system.