Record-breaking fines issued by regulators worldwide, notably in the US and UK, dominated the financial services landscape in 2012. This looks set to continue in 2013 if regulators identify further failings in firms’ compliance with money laundering, sanctions and tax requirements. Cultural changes towards compliance-driven objectives should be a key priority for financial services firms if they wish to avoid their reputation being tarnished by similar scandals. Firms operating on a global basis will also need to demonstrate a robust compliance framework ensuring that each territory has sufficient oversight and that Anti Money Laundering (‘AML’) regulatory requirements are being adhered to at both a local and global level. In light of the above, we have developed a Know Your Customer (‘KYC’) quick reference guide which provides quick and easy access to global AML and KYC information, to assist firms operating internationally in mitigating their risk.
This year’s guide has been expanded to include additional new countries and incorporates the main local AML requirements forover 74 different countries. The guide details many regulatory and other cultural issues which need to be addressed when doing business across territories. Useful links to Financial Action Task Force (‘FATF’) reports and country evaluations are also included. There are also questions on the topic of reporting requirements within the various territories such as whom to report suspicious activity to, reporting obligations and any penalties for non compliance. Information about whether local regulators support the use of the risk based approach to AML; how to deal with Politically Exposed Persons (‘PEPs’) and whether doing business with shell banks is prohibited can all be found in our guide.