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Industries

Non-Financial Sector

  • Law & Notary Firms
  • Accounting Firms
  • Charity Organisation
  • Trust Sector
  • Shipping Company
  • Real Estate Company
  • Auction Houses
  • Casino

Financial institutions have long been associated with KYC/AML (Know Your Customer/Anti-Money Laundering) rules, with banks, brokerage houses, and other participants in financial transactions leading the way in putting these policies into practise. However, it is vital to understand that KYC/AML requirements include a wide range of professional corporations in addition to the financial industry.

 

Despite appearing to have no connection to financial problems, non-financial institutions must adhere to KYC/AML laws. These organisations do business in a variety of ways that could put them at risk for financial crimes like money laundering or supporting terrorism. These organisations help to maintain a more secure and open business environment by conforming to KYC/AML regulations.

 

These regulations apply to a number of non-financial institutions. Examples include real estate firms handling high-value property deals, law firms handling significant transactions, accountants helping customers with their financial activities, and trust and company service providers.

 

To ensure adherence to AML regulations, control bodies are appointed directly to these non-financial firms. These regulatory authorities have the power to levy penalties for any violations or carelessness. To protect the global financial system from criminal activity and to boost confidence across a range of businesses, non-financial institutions must be made aware of the importance of KYC/AML compliance.

Consultation without Obligation

Request a free-of-charge consultation with one of our specialists, no strings attached. Our specialists have detailed knowledge of financial legislation and regulation. Their experience in supporting the application of these laws is beyond compare. After filling out the form, we’ll contact you within two working days.