Anti-Money Laundering (AML) is the legal term used for the prevention of money laundering, financial crimes and of illicit activities that is crucial in today’s financial landscape to safeguard businesses and the global economy. It involves implementing measures to detect and prevent illicit financial activities, ensuring regulatory compliance, building trust, and maintaining a secure financial environment. By implementing effective AML practices, businesses not only meet regulatory requirements but also fortify their reputation, build customer confidence, and contribute to a more secure and transparent financial ecosystem.

In order to prevent Money Laundering, businesses shall have in place systems to monitor the transactions of their clients, to keep full records and details of their clients and their structure, to really know who their clients are by applying a risk-based approach mechanism based on their risk as well as to monitor the status of their clients on an on-going basis.

Counter Financial Terrorism involves the proactive measures of combating financial terrorism through thorough due diligence and robust Know Your Customer (KYC) verification. By engaging in these practices, businesses contribute to broader efforts aimed at combating financial crimes and terrorism. Implementing stringent counter-financial terrorism measures not only aligns with regulatory requirements but also demonstrates a commitment to global security, fostering a safer financial environment.