Anti money laundering
Legal compliance with anti-money laundering rules (“AML”) is the minimal standard of every business, connected to financial transactions. The regulation in this field is becoming ever stricter and the scope of persons required to implement measures to prevent money laundering is expanding. Consequently, the risk of non-compliance is increasing, which is reflected in the company's exposure to potential financial and other sanctions imposed by regulators (“compliance risk”).
The companies are facing challenges regarding the establishment of internal processes, preparation of internal acts (guidelines, manuals, politics), questions about transferring part of the processes of customer due diligence (“know your customer” or “KYC”) to external providers. Individual processes or a complete system of measures to prevent money laundering must often be harmonized in communication with competent regulators. New European Union AML legal framework requires licenses for the companies, issued by the competent national authorities.
LEGAL SUPPORT IN LICENSING PROCEDURES
We support clients in the communication with the competent authorities and we draft legal documentation needed within licensing procedures.
DRAFTING LEGAL DOCUMENTATION
Money Laundering Risk Assessment
Customer's identification forms
Forms for politically exposed persons
ESTABLISHING INTERNAL PROCESSES
Client due diligence / enhanced due diligence process
(»know your customer«)
Managing AML risks
Business relationships with politically exposed persons
(3rd party service providers)
LEGAL COMPLIANCE CHECKS
For clients which have already established legal architecture for anti money laundering (documents, internal processes), we offer compliance checks with applicable AML regulation.