If you’re launching a new business in the finance industry or your business recently became a regulated entity, one of your top priorities should be safeguarding it against individuals using it for illicit activities like money laundering. Beyond being an ethical responsibility for entrepreneurs, regulatory authorities require all businesses to prevent money laundering actions due to their destructive impact on the financial systems’ stability and reliability. Adopting proper anti-money laundering (AML), Counter the Financing of Terrorism (CFT) and Know your customer (KYC) strategies are critical measures for achieving this aim. This applies to a wide range of businesses, including those recently added to the list of obliged entities, such as fintech startups, cryptocurrency exchanges, and emerging payment service providers.
This blog will explore why protecting your business from money laundering is necessary and provide valuable insights to help you navigate the complex AML/CFT compliance world.